Montreal, Canada, October 09, 2013 --(PR.com
)-- Nakisa® Inc. (Nakisa), a recognized leader of data management and visualization solutions for SAP® solutions, announced today that they have developed and launched a new solution, Lease Contract Administration by Nakisa (LCAN), to meet the immediate needs of customers worldwide who are preparing for the upcoming changes to lease accounting regulations under US GAAP and International Financial Reporting Standards (IFRS) proposed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
LCAN is a new solution that helps customers efficiently consolidate and streamline lease administration, resulting in reduced costs. This solution helps businesses meet current accounting regulations and also easily plan, adapt and prepare for future changes to the standards. A single point of entry to collect and validate the contractual attributes of leased assets, LCAN provides visibility into lease exposure to optimize assets portfolio management and supports accounting processes for more efficient cost controlling and regulatory compliance.
"Working in collaboration with our partners and our customers, we identified a need for a lease administration solution that will consolidate and optimize the lease accounting process and help customers to prepare for the upcoming new lease accounting standards," said Babak Varjavandi, President and CEO, Nakisa. "This new solution will enable customers to take proactive steps now to prepare for compliance with the new leasing regulations, and improve and reduce the costs associated with lease management."
"With the upcoming changes to leasing accounting standards, companies have been looking for a way to prepare and assemble an enterprise-wide inventory of leases," said Kai Finck, senior vice president, Office of the CFO Solutions, SAP AG. "Now they have it with the new Lease Contract Administration by Nakisa. Since customers reporting under either U.S. GAAP or IFRS will be impacted by the new leasing standards, we anticipate that Nakisa's solution will provide an excellent fit. Nakisa is a longtime partner of SAP's and brings outstanding expertise in support of SAP software."
"The proposed lease accounting standards could have a significant impact on organizations that operate globally or in sectors that rely heavily on lease financing. Businesses continue to evaluate how and when they should prepare for compliance. The ability to consolidate and analyze lease data under the current and proposed guidance is a key part of this evaluation," said Myles Corson, Markets Leader for Financial Accounting Advisory Services at Ernst & Young LLP.
To learn more about Lease Contract Administration by Nakisa, visit their website or contact firstname.lastname@example.org.