Crunchafi adds FRS 102 Section 20 lease accounting support for UK and Ireland

Crunchafi has launched FRS 102 Section 20 lease accounting functionality for organisations successful the UK and Ireland.

In a statement, the institution said the instrumentality is "purpose-built" for organisations and chartered accountancy practices managing FRS 102 Section 20 reporting.

The update is intended to enactment reporting nether the revised FRS 102 standard, which applies to accounting periods opening connected oregon aft 1 January 2026.

Under the revised requirements, galore leases that were antecedently kept disconnected the equilibrium expanse indispensable present beryllium recognised done right-of-use assets and lease liabilities.

Crunchafi said the enactment volition peculiarly payment companies managing FRS 102 crossed "dozens oregon hundreds of lawsuit entities astatine once". The institution added that the instrumentality volition assistance standardise lease accounting workflows and trim reliance connected spreadsheets and manual calculations.

The merchandise is designed to acceptable into existing processes utilized by companies and concern teams. It includes automated lease calculations, audit-ready amortisation schedules and diary entries. It besides provides disclosure reports for mean and ample entities, arsenic good arsenic Section 1A disclosures for tiny entities.

Additional functionality includes right-of-use plus roll-forwards by plus people for usage successful statutory accounts, on with a multi-client architecture that supports abstracted reporting entities.

Crunchafi laminitis Timothy Kohler said: "We built Crunchafi astir what accountancy firms and their clients request from a lease accounting solution: a azygous spot to negociate lawsuit lease portfolios ranging from 1 lease to thousands, standardised workflows crossed the full steadfast and user-friendly bundle that doesn't necessitate each squad subordinate to beryllium an adept successful the standard."

Crunchafi provides cloud-based software-as-a-service products for accounting and fiscal professionals.

In May this year, the institution appointed exertion entrepreneur David Wyle to its committee of directors.

"Crunchafi adds FRS 102 Section 20 lease accounting enactment for UK and Ireland" was primitively created and published by International Accounting Bulletin, a GlobalData owned brand.