Bramasol Announces Purpose-Built Solution for
Rapid Compliance with ASC 842 and IFRS 16 Leasing Standards
SANTA CLARA, CA – – May 10, 2018 —Bramasol, the leader in compliance and finance innovation solutions, has announced a new, purpose-built product that reduces complexity and implementation costs, to give companies across a variety of industries a ready-to-deploy turnkey solution for lease accounting disclosure reporting and compliance.
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting. These changes will impact virtually all companies, whether lessors or lessees.
Since the new leasing standards-setting process began, Bramasol has been at the forefront of addressing critical issues to help our customers get ready for both IFRS 16 and ASC 842. We have developed the Lease Administration Solution Engagement Roadmap (LASER) that brings together all compliance requirements, stakeholder needs and work-stream processes within a unified and disciplined implementation process.
The Rapid Leasing Compliance Solution further distills these overall efforts in a targeted turnkey solution, designed to help companies with straightforward leasing portfolios to cut through the complexity of the new standards and achieve compliance without excessive hassles or expense.
“I am very excited about our new Rapid Leasing Compliance Solution” said Dave Fellers, CEO of Bramasol. “This solution delivers on our desire to help all companies, large and small, to comply with the new ASC 842 and IFRS 16 standards. It is designed for companies that have relatively simple leasing portfolios and need to quickly comply within a reasonable budget.”
This purpose-built, turnkey offering is designed for companies with up to 300 leases and includes:
5 Basic Scenarios for Real Estate, Movables, or both
Set-up of Nakisa and/or RE-FX
Standard data & document loading
Standard out-of-the-box disclosures and reports for ASC 842 or IFRS 16
Implementation time : 9 weeks
Cost: $ 160,000 – $ 180,000 (* Software cost is not included)
Bramasol is the leader in SAP-based solutions for Compliance and Finance Innovation. Our SAP-certified experts, partnering with SAP, assisted in the majority of SAP Revenue Accounting and Reporting Ramp-Up projects and are leading the way in compliance with new Lease Accounting standards, ASC 842 and IFRS 16. Driving successful workshops, Proofs of Concept, and implementation projects throughout the U.S., Bramasol is the go-to partner with the experience and expertise for companies wanting to leverage SAP RAR, Nakisa and/or S/4HANA to cost-effectively achieve compliance and to transform their businesses with S/4HANA based Finance Innovation.
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