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LeaseAccelerator Chosen by 10 New Oracle-centric Firms for ASC 842 Compliance

April 13, 2018, 07:15 AM
Filed Under: Industry News

LeaseAccelerator announced 10 new Oracle-centric companies have selected its software-as-a-service (SaaS) application to comply with the new ASC 842 and IFRS 16 standards.

Currently used by Arconic, Alcoa, ATI, Cummins, Herbalife and, LeaseAccelerator supports real estate, equipment and embedded leases in a single, global subledger. The subledger can be quickly, easily and securely integrated to one or many versions of Oracle's ERP platforms, including Oracle E-Business Suite, PeopleSoft, JD Edwards and their new Fusion applications.

LeaseAccelerator's Enterprise Lease Accounting solution for Oracle enables companies to rapidly comply with the new ASC 842 and IFRS 16 standards, officials said. Using LeaseAccelerator's standard APIs, fast-track playbooks and plug-and-play adapters, data can be seamlessly exchanged with Oracle's general ledger, accounts payable, fixed asset and master data management applications.

Originally released in 2009 to support ASC 840 and IAS 17, LeaseAccelerator's Enterprise Lease Accounting application has been used by Oracle customers for almost a decade to track capital and operating leases under the current standards. As a result, LeaseAccelerator's asset-level lease accounting capabilities have been battle-tested through the monthly record-to-report cycles of many Fortune 500 companies, withstanding the scrutiny of many substantive and SOX audits.

"With the timeline for ASC 842 and IFRS 16 compliance shrinking, corporate controllers cannot afford to gamble with version 1.0 software packages from software vendors focused on human resources or real-estate executives," said Michael Keeler, CEO of LeaseAccelerator. "The number one thing we hear from customers today is – give us proven accounting software that works, not slideware, beta code or roadmap commitments. For global companies, LeaseAccelerator is simply the fastest, safest, lowest cost pathway to achieving and sustaining compliance."

LeaseAccelerator is a certified Oracle Gold Level Partner and member of the Oracle Partner Network. The Enterprise Lease Accounting application is built upon Oracle technologies including Java and Oracle Database. LeaseAccelerator is a member of the Oracle Applications User Group (OAUG) and will be presenting at the COLLABORATE 18 conference in Las Vegas this month.

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