August 2021 Release Summary
New EZLease version with Accounting Updates (8/19/2021)
The newest version of EZLease provides a smoother lease management experience thanks to product stability improvements.
In rare cases, reporting outputs may vary between the previous and new versions of EZLease. See the table below for a complete list of scenarios in which report outputs could vary.
To make it easy to compare the reporting outputs between the two versions, we’ve added the ability to use either the previous or the new (current) version of EZLease. To change versions, select the gear icon next to the “Manage My Leases” button.
Accounting Updates
|
Scenario and impact of update |
ASC 842 |
IFRS 16 |
GASB 87 |
Lessee |
Lessor |
ARO |
|
Scenario: If a capital/finance lease is depreciated over its economic life, and it has an ARO which is not terminated by the end of the lease term, the termination gain/loss for the undepreciated asset is miscalculated.
Impact: The termination gain/loss for the undepreciated asset is now properly calculated. |
x |
x |
|
x |
|
x |
|
Scenario: If a journal entries spreadsheet report has more than 10,000 lines, lines at the end of the report are output twice (after the proper end of the report, lines are repeated from the last chunk of 5000 lines).
Impact: Lines in journal entries are now output correctly, without duplicates. |
x |
x |
x |
x |
x |
|
|
Scenario: Income Statement/Balance Sheet Detail spreadsheet report totals line inappropriately excludes terminating leases from some columns.
Impact: Terminating leases properly included in appropriate columns in Income Statement/Balance Sheet Detail report. |
x |
x |
x |
x |
x |
|
|
Scenario: ARO with a new negative layer that reduces the liability by more than the remaining asset sometimes results in a negative net asset.
Impact: If an ARO has a negative layer larger than the net ARC asset, calculation is corrected in month of revision and following month. |
|
x |
|
|
|
x |
|
Scenario: Net Asset column in IS/BS Detail spreadsheet report didn't include any impairment allowance.
Impact: The Net Asset column of the Income Statement/Balance Sheet report now includes the impairment allowance. |
x |
x |
x |
x |
|
|
|
Scenario: If two finance leases in a row have impairments, the second lease has an earlier impairment date than the first, and it's before the start of the report period, the accumulated depreciation up to the date of impairment is overstated.
Impact: Second consecutive finance lease with partial impairment has correct net asset after impairment. |
x |
x |
x |
x |
|
|
|
Scenario: Partial termination gain/loss not calculated correctly for a finance lease that is revised to have a shorter life if there is an accrued interest balance.
Impact: Corrected termination gain/loss in revision period, and corrected depreciation in remaining periods. |
|
x |
x |
x |
|
|
|
Scenario: When an operating lease starts under FAS 13, transitions to ASC 842, is revised with changes to FAS 13 rents, and the transition date is in the middle of a rent payment period, then the Operating Leases Verification report shows inconsistent results between the component pieces and the total accumulated depreciation actually calculated for regular reports.
Impact: In the operating Leases Verification report, in the month of revision, the component pieces now match accumulated depreciation for end of period. |
x |
|
|
x |
|
|
|
Scenario: If an old standard operating lease has payments in arrears and the transition date to the new standard is in the middle of a rent payment period, the initial liability is miscalculated.
Impact: A message previously warned users when encountering this error. The error is fixed and a warning message will no longer appear. |
x |
x |
x |
x |
|
|
|
Scenario: Lease incentives incorrectly reported on journal entries in first month.
Impact: A message previously warned users when encountering this error. The error is fixed and a warning message will no longer appear. |
|
|
x |
|
x |
|
|
Scenario: If a lessor lease is reversal terminated, a termination loss is shown in journal entries.
Impact: A message previously warned users when encountering this error. The error is fixed and a warning message will no longer appear. |
x |
x |
x |
|
x |
|
|
Scenario: If a lessor lease is transfer added, the owned assets credit is miscalculated, resulting in a loss and an out of balance error.
Impact: A message previously warned users when encountering this error. The error is fixed and a warning message will no longer appear. |
x |
x |
|
|
X |
|