Unlike common types of accounting reports—such as roll forward and disclosure reports—lease accounting ad hoc reports may be requested just one time to answer a specific question regarding ASC 842 compliance. These reports are often requested by executives and auditors for details on specific leases.
Lease Accounting Ad Hoc Report Examples
For example, an executive may want to know how many properties have lease obligations whose present value is worth more than $500,000 and have termination options coming up within the next year. In other cases, there may be a need to create an ad hoc report template that can be stored and used regularly. For example, business leaders may want to receive a report each month that lists all leases with a present value lease liability over $200,000.
Some systems simply don’t have functionality to produce lease accounting ad hoc reports, so users can’t provide details on specific lease data fields. When auditors need such a report, accountants must run a standard report, export it to a spreadsheet, and then manually remove all other irrelevant records and fields. That process is time consuming, and accountants run the risk of giving the auditors too much or not enough information, lengthening the audit by creating more auditor questions.
Lease Accounting Ad Hoc Reports with CoStar Real Estate Manager
CoStar lease accounting software allows users to drag-and-drop any lease data field into a report, providing only the specific information requested by auditors. Once an ad hoc report is created, it can be saved as a template, updated on a set schedule, shared with others and automatically emailed to selected individuals or groups. CoStar offers this functionality for all users. There is no need for anyone to be an administrator or power-user to have this functionality.
Lease Accounting Software from CoStar Real Estate Manager
If your existing lease accounting software is missing these essential, time-saving functions – or if you’re looking to implement the company’s first solution – get the system that can do all this and more. CoStar.
CoStar is trusted and recommended by more leading accounting firms and service providers to manage and report on real estate and equipment for compliance with ASC 842 and IFRS 16 guidance. If your lease data is already in a database, upgrading is easier than you’d expect.