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March, 2006 –
If you think you are making out like a bandit on that lease, it's time to re-read the contract. After all, the leasing company is making money, isn't it?
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Captara Releases Fully-Automated FAS 13 Lease Classification and Reporting
SAN FRANCISCO – March 20, 2006 – Captara Corporation, the only comprehensive, web-based corporate lease management solution provider, has added a significant set of lease classification and reporting enhancements to its offering. The new, fully-automated functionality gives Captara’s customers greater control and visibility into the accounting classification and reporting of leases in accordance with the four Financial Accounting Standards Board (FASB) lease classification tests, thus ensuring that their financial statements properly report and disclose all of their leases.
"A wave of change is beginning to sweep the lease management area. A decade of unprecedented mergers and acquisitions activity coupled with the typically decentralized approach to lease management by departments, divisions, or functional business units within large companies is now colliding with expanded reporting and compliance requirements such as Sarbanes-Oxley. Through 2009, IDC expects at least one-third of large, multisite, multinational companies to revise and revamp their lease management processes with a combination of process and tool initiatives," according to Joseph Pucciarelli, research director — Technology Financing Strategies at IDC, a global market intelligence and research advisory services company.
The Captara solution will allow companies to consistently and automatically apply key financial data used in the four accounting tests, such as incremental borrowing rates, minimum lease payments, and the economic life of the leased assets, in accordance with predetermined corporate policies and the terms embedded in the lease. These new enhancements will provide assurance to financial executives that all leases have been properly classified and reported on a consistent basis throughout their company.
"Our Fortune 2000 customers are optimizing visibility and control of their corporate leasing obligations and commitments to quickly and easily compare lease vs. buy scenarios, oversee contract terms and options, and provide the specific reports necessary to comply with FASB and Sarbanes-Oxley regulations,” said Michael Caglarcan, CEO, Captara. “Captara’s new lease classification enhancements are a natural extension of our commitment to equip companies with the functionality they need to accurately and efficiently manage all leasing activities."
To ensure compliance with Sarbanes-Oxley 404 process control requirements, permissions to change the financial data and policies will only be granted to authorized employees. All changes and input parameters are tracked and reported by the solution. In addition, the solution’s robust reporting captures all balance sheet and income statement lease accounts, as well as FAS 13 footnote disclosures and Sarbanes Oxley Section 401Contractual Obligations reporting.
Captara’s new classification and reporting enhancements will be available to all existing and new customers.
About Captara Corporation
Captara offers a comprehensive web-based solution for managing all enterprise leasing functions. The solution provides control, compliance, cost savings and optimized cash management. Fortune 2000 companies are using Captara to immediately take action to improve the management of their enterprise leasing activities, ensuring compliance with SEC and FASB rules and reporting requirements and achieving operating efficiencies. For more information, visit www.captara.com.
Click here to download in PDF format.
For Media Information
Tammy Smith
415-901-1842
tsmith@captara.com
Blake Williams
646-509-8730
blake@blakenyc.com
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