RSM and LEVERTON Streamline ASC 842 Lease Accounting Transition
INSIGHT ARTICLE |
LEVERTON, the market-leading intelligent data extraction and document management platform, announced its partnership today with RSM US LLP (RSM) – the leading provider of audit, tax and consulting services focused on the middle market – to abstract lease contracts for ASC 842 accounting, leveraging Leverton’s AI technology on a global scale.
For public businesses with the calendar year concluding in December 2018, the adoption date for the new ASC 842 lease accounting standards is only a few weeks away. Given the complexities and fundamental changes of lease accounting under ASC 842, the effects will likely be significant for all entities. For many companies adopting ASC 842, data quality and decentralization of lease data can present challenges. The required disclosures under the new lease standard are significantly greater than historical disclosures and will require significant additional analysis and documentation to ensure completeness and accuracy.
LEVERTON’s AI-driven platform offers tangible efficiencies compared to traditional abstraction methods, and can integrate with enterprise systems.
“We’re thrilled to be the first to market with capability to feed the abstracted data from LEVERTON into templates specifically designed for Lease Accelerator and AMT Direct,” said Scott Vanlandingham, principal and national leader, enterprise solutions at RSM. “This gives our clients a big boost in getting ready for the ASC 842 compliance deadlines.“
“Being selected to be RSM’s AI lease abstraction partner is exciting, and we’re looking forward to working with RSM to extract, structure and create value from real estate data efficiently for their clients,” said LEVERTON’s CEO, Abhinav Somani. “Not only can we help their clients to comply with ASC 842 in less time, but we can provide a centralized view of their lease information so they can make smart, data-driven decisions quickly. We anticipate our relationship will continue to grow as we work together to explore new verticals and applications for our technology.”