Software provider LeaseAccelerator has developed a testing application called the Lease Accounting Validator that automates the testing of leases under the new ASC 842 and IFRS 16 standards, as well as frozen generally accepted accounting principles (GAAP).
The Lease Accounting Validator is designed to analyze each lease in a customer’s portfolio to identify the permutations of lease terms and fiscal periods as well as the expected and actual events that occur during the life of a lease. It then automatically executes the processes and reporting needed to calculate and validate the accuracy of all the journal entries throughout the lease from the initial commencement to the end of term.
The Validator also automatically analyzes test results to ensure the calculations tie out.
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