NETLEASE IS ASC 842, IFRS 16 & GASB 87 COMPLIANT
DENVER, CO, Nov. 26, 2018 — NetGain receives ‘Built For NetSuite’ verification making it the only verified NetSuite lease accounting solution available today.
With the new Lease Accounting Standards IFRS 16 and ASC 842 quickly approaching, NetSuite customers from both public and private companies are seeking solutions that will enable compliance. And while there are many third-party solutions on the market, Netgain saw significant benefits to managing complex leases within the NetSuite platform.
Netgain recently received ‘Built For NetSuite’ certification from NetSuite for NetLease, a lease accounting SuiteApp that addresses the requirements of new lease accounting standards. ‘Built For NetSuite’ certification provides an important evaluation element for NetSuite customers sorting through the multitude of lease accounting solutions available today. NetSuite customers understand the value of leveraging SuiteApps that live directly within their existing NetSuite subscription.
Netgain Solutions is a team of CPA’s, NetSuite, and lease accounting experts. NetLease for NetSuite is an enterprise-grade SuiteApp built specifically for NetSuite to streamline compliance with the ASC 842 and IFRS 16 lease accounting standards that become effective on January 1, 2019 for many organizations. NetLease provides an end-to-end lease accounting solution that produces the new disclosures now required under the new guidance.
The FASB noted in a press release that “Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP—which requires only capital leases to be recognized on the balance sheet— the new ASU will require both types of leases to be recognized on the balance sheet.”
NetLease by Netgain addresses each phase of the lease accounting life-cycle including:
Some of the benefits of the NetLease lease accounting solution include:
NetLease Accounting Benefits
Netgain is a SuiteCloud Developer Network partner focused on creating native NetSuite solutions that address complex finance and accounting challenges. At their core, they are accountants focused on simplifying, standardizing, and automating solutions with a focus on controls and auditability.