ASC 842 / IFRS 16 / GASB 87 Walkthroughs

The following walkthroughs cover topics related to ASC 842 / IFRS 16 / GASB 87 lease accounting in Lucernex.

Your firm will either have IFRS 16 or GASB 87 enabled, but not both.

• Accounting Schedule Calculations in Lucernex

  This article explains how Lucernex calculates an ASC 842 or IFRS 16 accounting schedule. It accompanies a Core Illustration spreadsheet, which you can use to both generate sample numbers as they are calculated in Lucernex and to see the formulas that go into the calculation.

• Alternate Rent Impacts on Lease Accounting Schedules

  This article explains how alternate rent impacts lease accounting schedules.

• ASC 842 / IFRS 16 Contracts / GASB 87 Functional Overview

  This walkthrough is intended for users who already do their real estate lease accounting in Lucernex. It demonstrates the functionality pertinent to the ASC 842 / IFRS 16 / GASB 87 lease accounting standard.

• ASC 842 / IFRS 16 / GASB 87 Equipment Contracts Functional Overview

  This walkthrough is intended for users who already do their equipment lease accounting in Lucernex. It demonstrates the functionality pertinent to the ASC 842 / IFRS 16 / GASB 87 lease accounting standard.

• Bulk Lease Accounting Data Import

  This walkthrough teaches you how to use Lucernex's bulk import functionality to import your accounting assumptions data, and calculate your lease accounting schedules.

• Configure your Currency Exchange Rules by Portfolio

  After configuring your default currency exchange rules at the firm-level, you can configure specific currency exchange rules for your portfolios.

• Foreign Exchange Rates for Fiscal Reporting

  This article explains how Lucernex calculates and applies foreign currency exchange rates. It also teaches you how to manage foreign exchange rates at the firm-level.

• How Fiscal Details Become a Journal Entry

  The Fiscal Details view of your lease accounting schedule highlights your monthly charges. These charges are debits and credits which will be integrated and sent to your ERP. This walkthrough breaks down typical journal entries for ASC 842, IFRS 16, and GASB 87.

  The scenarios on this page are typical, but they may not reflect your scenario. We cannot provide any specific recommendation for how your journal entries should look. We recommend you speak with your auditors to ensure that your accounting needs are met.

• Secondary Schedule Allocation

  If the value of your land exceeds a certain fraction of the combined building / land leased property value, accounting regulations have allowed your land and building to be treated as separate components in accounting, even if a single rent payment covers both the building and land expense. This walkthrough teaches you how to create what is called a Land / Building split in Lucernex, where payments are allowed to be allocated to two different accounting schedules while having the same expense setup record.