The rule change takes effect in January for public companies and in January 2020 for private companies. It requires publicly traded companies to report operating and finance leases on their balance sheets and have new lease accounting tests and guidelines in place. 

“For virtually every lease, the new standard changes the accounting rules governing both operating and finance leases with far-reaching implications in terms of financial statement impacts, internal controls, and adoption of new technologies” said Ken Crutchfield, VP and GM  of Bloomberg Tax Technology, said in a prepared statement. “Companies should start their compliance efforts now." 

Tax Leased Assets runs on the Advantage platform and provides centralized leased asset data and a document repository for lease documents. It also offersan audit trail that offers a complete record including responsible party, time, and date stamp for each step of the lease accounting process.

There is automatic lease classification and data-driven re-measurement treatment, reporting for journal entries and balance sheets, along with integration with ERP systems.