The schedule has to foot, the amendment has to be documented, and the footnote has to cover the requirements. GAAP IQ handles the lessee side of ASC 842 end to end, with every number computed and every conclusion cited.
Describe the lease in plain words. The AI extracts the inputs; the numbers come from an engine, never from a model.
Operating leases get straight-line lease cost; finance leases get ROU amortization plus liability interest, computed monthly with an annual rollup.
Annual percentage escalations, payments in advance or in arrears, the incremental borrowing rate, initial direct costs, and lease incentives all feed the calculation.
Anything the AI defaulted or interpreted is surfaced as an assumption for you to confirm, and the final period carries a rounding plug so the liability lands at exactly zero.
The workbook carries an inputs sheet, the schedule, and a basis sheet, so a reviewer can trace every number back to the terms.
An amendment is where lease accounting gets argued. MemoIQ walks the separate-contract test and what follows from it, one criterion at a time.
MemoIQ's lease criteria walk ASC 842-10-25-8, an additional right of use priced at its standalone price, and ask only the follow-on questions that apply to your answers.
When the change is not a separate contract, the memo covers remeasuring the liability and adjusting the ROU asset, including both methods for a partial termination.
Classification tests arrive as threshold calls you decide, or autopilot drafts through them and flags the assumption in the margin.
Export to Word, import the returned file, and comments and tracked changes attach to the matching memo blocks.
The short-term exemption and the practical expedients shape every schedule after them. PolicyIQ records them, and DisclosureIQ writes the note.
Short-term lease exemption, capitalization threshold, discount-rate basis including the private-company risk-free rate election, combining non-lease components, and the portfolio approach.
DisclosureIQ drafts the lease note against the requirements, modeled on how up to 3 comparable companies disclose leases in recent 10-Ks, with a requirement-by-requirement checklist.
ScheduleIQ builds the maturity analysis and disclosure rollforward from your inputs, and flags any schedule it could not independently tie out.
Every plan includes all seven tools on GAAP IQ. These are the four a lease portfolio reaches first.
Every plan includes all seven tools: Professional is $149 per month, or $1,490 per year (two months free), and Enterprise is $399 per month, or $3,990 per year. Details on the pricing page.
Worked through in full: lease modifications under ASC 842, and short-term and month-to-month leases.
No. The AI only extracts the lease terms from your description and surfaces anything it defaulted or interpreted as an assumption for you to confirm. A deterministic engine computes every number: straight-line lease cost for operating leases, ROU amortization plus liability interest for finance leases, monthly with an annual rollup.
MemoIQ documents the modification: it walks the separate-contract test in ASC 842-10-25-8 and, when the change is not a separate contract, the remeasurement of the liability and the ROU asset adjustment, including partial terminations. The schedule engine computes a lease from its terms and does not remeasure a modification itself, so build the post-modification schedule from the revised terms.
The schedule engine is built for lessees. A lessor arrangement is screened out rather than forced through a lessee calculation, because a lessor has no lease liability or right-of-use asset. Lessor questions can still be researched in ResearchIQ against the handbook guidance.
The questionnaire asks the elections one by one, including the short-term lease exemption, a capitalization threshold, the discount-rate basis and the private-company risk-free rate election, combining lease and non-lease components, and the portfolio approach. Each chapter is drafted with page-level handbook citations and approved with an effective date.
The free plan includes one full cited research session, one memo, one disclosure, one policy, and two schedules to try on a real question.
No credit card required