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Lease Accounting Software Functionality Milestones

Lease accounting software functionality milestones

When evaluating lease accounting software providers, experience counts. Only software providers with a track record proving it can help your company achieve its goals should be considered.

CoStar has continued to be at the forefront of lease accounting software solutions. It was the first lease accounting software vendor to release ASC 842 and IFRS 16 compliant software in Q1 2016, shortly after the requirements were announced.

FASB and IASB Timeline

2009: Initial FASB and IASB Proposal

2010: FASB Impact Report

2013: FASB Exposure Draft

2016: ASC 842 and IFRS 16 Announcement

2018: ASC 842 and IFRS 16 Compliance Deadline

Claims made by software vendors need to be backed up by facts to earn credibility. Demonstrating longevity and stability in in an ever-evolving marketplace shows the company’s ability to remain agile, adapt to new standards and be a good long-term partner. 

Here is a timeline of CoStar’s major milestones, dating back to 1999:

1999: CoStar Real Estate Manager was founded and introduced its Lease Administration software

2007: ASC 840 Lease Accounting Calculations

2010: Equipment & Leased Asset Tracking

2015: New Standard Framework Live; Fortune 10 ASC 842 Pilot

2016: New ASC 842 and IFRS 16 functionality released; Big 4 accounting firm tested

2017: Introduced Accounting forecast and amortization reports; Annual rate type calculations (APR or APY), Functional currency, Configurable JE profile tools

2018: Retrospective Adjustments, Impairments & Partial Terminations; FX Rates, Fiscal Calendar, Enhanced Workflow; Operating Lessor Accounting

2019: 200+ Successful New Go-Lives; Lease versus Buy Tool and Other Equipment Lease Enhancements Learn more about CoStar’s success stories serving Fortune 500 companies in various industries, including lease data management in the banking, technology, healthcare, retail and manufacturing industries..