RGP and CoStar Group Form Alliance to Help Companies Comply with New FASB and IASB Lease Accounting Standards
September 20 2017 - 5:05PM
Business Wire
Leaders in Accounting Consulting and Lease Management
Software to Offer Comprehensive Solutions Together
RGP, a leading global consulting and professional services firm,
and CoStar Real Estate Manager (“CoStar”), a division of CoStar
Group, Inc. and a leading lease management software provider, today
announced a strategic alliance under which RGP and CoStar will team
to provide companies with an end-to-end solution to meet the
looming deadlines for compliance with new lease accounting
standards finalized in 2016 by the U.S. Financial Accounting
Standards Board (FASB) and the International Accounting Standards
Board (IASB).
The new standards require companies to recognize practically all
obligations for real estate, equipment and other leased assets on
their balance sheets. U.S. Securities and Exchange Commission data
estimates that Fortune 500 companies currently have more than $700
billion in off-balance sheet lease obligations that will be
affected by the new standards, while the IASB projects new balance
sheet additions worldwide may be in excess of $3 trillion.
This significant shift in accounting policy may have
far-reaching impacts in many areas such as policies, procedures,
systems, debt covenants and financial ratios. It will affect
businesses in numerous industries heavily invested in lease
arrangements, especially those in consumer products, restaurant,
retail, financial services, manufacturing/distribution, utilities
and oil & gas. By proactively preparing for the new standards,
businesses can prevent financial reporting issues, increase
internal controls and even receive a return on their
investment.
“RGP is excited to partner with CoStar to provide our clients
with a full ASC 842 or IFRS 16 solution,” said Shauna Watson, RGP’s
Global Managing Director of Finance and Accounting. “From
assessment to data gathering, to process design to implementation,
our experienced consultants can help companies comply with these
new accounting standards effectively and efficiently.”
CoStar’s proven lease accounting software provides the complete
functionality needed to manage and report on real estate, equipment
and other leased assets. It is delivered in a software-as-a-service
(SaaS) format and offers out-of-the-box functionality that includes
balance sheet impact, classification tests, amortization schedules,
journal entry processing and GL system integration. To ensure
compliance with Sarbanes Oxley’s requirement to demonstrate
effective internal controls and procedures for financial reporting,
CoStar’s platform completes an SSAE 16 audit annually.
“We’re pleased to align our proven lease accounting solutions
with RGP,” said Andy Thomas, President of CoStar Real Estate
Manager. “The combination of our Lease Manager product suite and
the trusted advisors of RGP offer clients a proven combination for
tackling compliance with the new lease accounting standards.”
For more information on the new lease accounting standards, go
to www.rgp.com.
ABOUT RGP
RGP is a multinational business consulting firm that helps
leaders execute internal initiatives. Partnering with business
leaders, we drive internal change across all parts of a global
enterprise – accounting; finance; governance, risk and compliance
management; corporate advisory, strategic communications and
restructuring; information management; human capital; supply chain
management; and legal and regulatory.
RGP was founded in 1996 within a Big Four accounting firm.
Today, RGP is a subsidiary of a publicly traded company, Resources
Connection, Inc. (NASDAQ: RECN), with over 3,300 professionals,
annually serving over 1,800 clients around the world from 67
practice offices.
Headquartered in Irvine, California, RGP has served 87 of the
Fortune 100 companies. Visit www.rgp.com/global-offices to find the
office nearest you. (RECN-M)
About CoStar Group
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of
commercial real estate information, analytics and online
marketplaces. Founded in 1987, CoStar conducts expansive, ongoing
research to produce and maintain the largest and most comprehensive
database of commercial real estate information. Our suite of online
services enables clients to analyze, interpret and gain unmatched
insight on commercial property values, market conditions and
current availabilities. LoopNet is the most heavily trafficked
commercial real estate marketplace online with more than 10 million
registered members. Apartments.com, ApartmentFinder.com and
ApartmentHomeLiving.com form the premier online apartment resource
for renters seeking great apartment homes and provide property
managers and owners a proven platform for marketing their
properties. Through an exclusive partnership with Move, a
subsidiary of News Corporation, Apartments.com is the exclusive
provider of apartment community listings across Move’s family of
websites, which include realtor.com®, doorsteps.com and move.com.
CoStar Group’s websites attracted an average of nearly 25 million
unique monthly visitors in aggregate in the third quarter of 2016.
Headquartered in Washington, DC, CoStar maintains offices
throughout the U.S. and in Europe and Canada with a staff of
approximately 2,800 worldwide, including the industry’s largest
professional research organization. For more information, visit
www.costargroup.com.
(RECN-M)
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version on businesswire.com: http://www.businesswire.com/news/home/20170920006290/en/
RGPRuss McGuire, Marketing Project
Manager720.904.8575russ.mcguire@rgp.comorCoStarKelly Clark,
Director of Marketing855.237.7338kellyclark@costargroup.com
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