SOURCE: Virtual Premise, Inc.

Virtual Premise, Inc.

January 25, 2011 09:10 ET

Virtual Premise Takes Thought Leadership Role to Prepare Customers for Anticipated Lease Accounting Changes Beyond Just Real Estate

Company's 2011 Customer Conference to Feature Special Session Track Dedicated to FASB Lease Accounting Topics

ATLANTA, GA--(Marketwire - January 25, 2011) - Virtual Premise, a leading Software as a Service (SaaS) provider of real estate information management solutions, today announced the addition of a special session track to its agenda for VP|Connect 2011, the company's annual customer conference. Along with the company's thorough coverage of commercial real estate topics and best practices, the new conference workshop track will include content dedicated to helping customers preemptively prepare for the much anticipated lease accounting changes. As proposed by the Financial Accounting Standards Board (FASB), these expected regulatory changes will have a significant impact on all companies' balance sheets and the level of auditable work that will need to be completed (and maintained) by the reporting companies.

Virtual Premise has taken a thought leadership role to evaluate the policy-changing situation and has published a variety of communiqués to its customers to keep them informed. In addition, Virtual Premise is incrementally releasing several product enhancements to accommodate customers' needs for capturing and managing the data required for the new policies. The anticipated lease accounting changes will mean that all leases (including not only real estate, but leases for office equipment, manufacturing equipment, computers and IT equipment, etc.) over 12 months long must be capitalized. This results in the need for leases to be recognized on the books as an asset, representing the right to use the asset and as a liability, representing the obligation to pay the lessor. A critical yet often overlooked ramification, if these changes become reality, is that companies will need to restate their past years' financial information so that financial statements reflect accurate comparisons. That means a staggering amount of work companies must do even well before the proposed transition date.

"We have been focused for more than a year on monitoring the progress of FASB as they have worked through the necessary process to make these regulatory changes," said Andy Thomas, president and COO of Virtual Premise. "We want to make sure we do everything we can to help our customers prepare for these anticipated lease accounting changes. One of the best ways we can do that is to provide a dedicated workshop track at our upcoming customer conference that gives our customers up-to-the-minute information about the changes. We are certain that attendees from the real estate, accounting, legal and other departments affected by the FASB changes will find the conference sessions to be invaluable in helping them prepare now for the prospective new policies."

Virtual Premise conducts their annual VP|Connect customer conference to provide customers with networking opportunities, commercial real estate industry updates, hands-on training labs, and knowledge-building sessions covering product and services best practices. VP|Connect 2011 will be held May 16-18 at the Loews Hotel in mid-town Atlanta.

About Virtual Premise
Virtual Premise, Inc. is a leading SaaS provider of 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. In addition, the company is taking a thought leadership role in preparing its solution for the upcoming FASB lease accounting changes. For more information, call 404-267-1781 or visit www.virtualpremise.com.

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