Bloomberg Tax & Accounting Expands Leased Assets System to Support International Standards

Bloomberg Tax & Accounting has expanded its Advantage Leased Assets solution to include support for multinational organizations who need to comply with international accounting standards, in addition to ASC 842.

The expanded product includes functionality that allows companies to account for and report on their leased assets under the international standard IFRS 16. A new Foreign Exchange Rates feature supports multi-currency needs for multinational corporations managing assets located in countries around the world, simplifying the process for converting the lease value from local currency into a standard reporting currency such as U.S. dollars.

“We’re excited to be able to expand to meet the needs of our customers who operate globally by introducing the IFRS 16 and Foreign Exchange Rates features,” said Ken Crutchfield, senior vice president and general manager of technology solutions, Bloomberg Tax & Accounting. “With transparency for investors at the heart of IFRS 16 and ASC 842, it’s critical that multinational companies have the right system in place as their lease liability starts appearing on their financial statements. The enhancements we are announcing today to Advantage Leased Assets will help our customers comply with confidence— wherever their operations are located.”