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Virtual Premise First to Launch New FASB Solution That Enables Customers to Capture and Use All Data Needed to Prepare for Anticipated Lease Accounting StandardsSoftware Enhancements and Focused Services Help Customers Prepare Both Real Estate and Non-Real Estate Lease Information for Impending Policies (April 05, 2012)
ATLANTA, GA -- (Marketwire) -- 04/05/12 -- Virtual Premise, a leading provider of cloud-based real estate information management solutions, announced the release of new software functionality that includes extensive data features to capture all critical lease information needed for customers to prepare for the anticipated new FASB policies. Also available are supportive lease services that help customers cope with the massive workload of assessing the quality and reliability of existing lease data, compiling a complete inventory of all leases (real estate and non-real estate), and abstracting the additional lease data required.
Virtual Premise's 250 corporate and retail customers will realize broad-scope benefits from the new FASB solution, including the ability to:
- Gain advance knowledge of the financial impact to their company of the coming FASB standards;
- Easily prepare leases for recognition with only one pass through each lease;
- Accurately and quickly input lease data using lease recognition profiles;
- Conduct what-if analyses to determine the impact of various lease option scenarios;
- Generate up-to-date financial impact reports from a single-source for all lease data records
"We're proud to be the first company in the real estate management space to provide the marketplace with the system functionality they need well in advance of the issuance of the FASB regulations," said Andy Thomas, President and COO of Virtual Premise. "We've worked extensively with our customers on this release because we heard early on that their boards of directors and chief executives were asking, 'What is the impact going to be to our company's balance sheet and financial performance?' This new release empowers CFOs to answer this question with confidence and to strategically decide the best way to mitigate and minimize as much negative impact as possible."
Virtual Premise, a CoStar company, has been providing customers and the marketplace with thought leadership on the FASB lease accounting topic for almost two years. The company's customer advisory committee, consisting of representatives from nine retail and corporate companies, played a key role in influencing the features contained in the new software release. In addition, VP|Connect 2012, the company's upcoming annual customer conference, will feature an entire track dedicated to FASB topics, including product demonstrations and panel discussions. Virtual Premise has authored several white papers and other information documents which are available for download at www.virtualpremise.com/fasbd.aspx.
About Virtual Premise
Virtual Premise, Inc. is a leading provider of cloud-based real estate information management solutions for corporations, retailers, restaurants, landlords and commercial real estate service providers. With Virtual Premise, companies have a smart, easy way to collect, manage and report on complex real estate information from anywhere, at anytime. Virtual Premise technology solutions include strategy and analytics, portfolio management, lease management, lease administration, project management, transaction management, and document management. Virtual Premise also offers a wide range of supporting services to include lease abstracting, document management services, data validation, due diligence support, and best practices consulting. Virtual Premise is wholly owned by CoStar Group, Inc. (NASDAQ: CSGP). For more information, call 404-267-1781 or visit www.virtualpremise.com.
Virtual Premise, Inc.
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