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The new FASB and IFRS lease accounting standards (ASC 842 and IFRS 16) are dramatically changing the way companies are recording leases on their financial statements. These changes took effect for public companies on January 1, 2019. Private companies will see theses changed in 2021.
Microsoft is adding new capabilities in Dynamics 365 for Finance to help both private and public companies manage asset leasing. Available in the 2020 Wave 2 release, these new enhancements will help public and private companies remain compliant with change accounting regulations.
Key features in D365 Finance asset leasing include:
- Automates lease’s present value calculation and future lease payments, amortization, depreciation and expense schedules.
- Guidance to operating, finance, short-term or low value lease calculation.
- Central place for all lease details.
- Integration to the general ledger for accounting entries as well the companies chart of accounts, currencies, fixed assets, vendors, journals and the D365 for Finance robust data management tool.
- Reduces time for complex calculation of lease modification and automatic adjustment transactions.
Microsoft is slating asset leasing functionality for general release in November 2020.
Microsoft D365 2020 Wave 2
Early access for the new capabilities in D365 and the Power Platform Wave 2 2020 release are currently available through Microsoft. Microsoft will begin rolling out general availability starting October 1, 2020.
Microsoft says "The 2020 release wave 2 for Dynamics 365 brings new innovations that provide you with significant capabilities to transform your business. The release contains hundreds of new features across Dynamics 365 applications including Marketing, Sales, Customer Service, Field Service, Finance, Supply Chain Management, Human Resources, Commerce, Fraud Protection, and Business Central."
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