This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery. Historically, operating leases have been considered off-balance sheet transactions, often tracked manually in spreadsheets. This changed when the Financial Accounting Standards Board (FASB) issued a new standard for lease accounting that requires financial institutions to recognize operating leases for retail branches and office space upon commencement of the lease. As a result, financial institutions could see a 60-70% average increase in lease liabilities on their balance sheet, according to LeaseQuery.
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