Goodbye, FAS 13. You gave our software its name, but since you've announced your retirement at the ripe old age of 40, it's time for a new name.
So welcome to EZLease! It's the same software as EZ13, but now updated to comply with the new lease accounting standards, ASC 842 and IFRS 16. You can see leases reported either the old standard (FAS 13/IAS 17) or the new (ASC 842/IFRS 16). New reports have been added to provide the additional disclosures and and other information relevant to the new standards. The comprehensive manual has been updated with guidance for new standard compliance.
We've introduced EZLease with a set of two webinars, one explaining use of EZLease with ASC 842 and a second explaining use of EZLease with IFRS 16. (Powerpoint slide sets for ASC 842 and IFRS 16 are also available.) Note that these webinars are oriented toward existing users of the software; we will soon release an updated video demo of EZLease for non-users who are interested in learning more about it. The trial software for download has been updated and is available now.
We have not yet released an update for lessors. The changes to lessor leasing aren't nearly as significant, so we don't expect much need to prepare pro forma reports now using the new standard, as we expect many lessees will be doing. A compliant update for the few changes will be released in the near future.