Need a software solution for IFRS 16 compliance? Look no further than Lease 16
Lease 16 is a simple to use web and excel based tool developed to enable full reporting compliance with the new IFRS 16 standards. IFRS 16 came into force on 1 January 2019.
For your financial team, the biggest change is the removal of the distinction between finance leases and operating leases. IFRS 16 demands detailed consideration of lease data relating to a potentially huge range of assets from land and buildings to machinery and vehicles of more than a year in length on their balance sheet – many of which were previously dealt with off-sheet.
The new standards mean that active lease management is essential in order to avoid stumbling towards non-compliance. Let Lease 16 take the pain out of compliance and deliver peace of mind.
Lease 16 provides a central, user-friendly solution for all IFRS reporting where you can manage your lease data while retaining ownership of the accounting process.
You can easily oversee the movement of lease liability, including lease payments, interest payments, depreciation and other services received during the life of the contract. The data is stored in multi-dimensional cubes, enabling users to slice and dice the figures for analysis, forecasting and what-if scenario modelling.
What are the key features?
- Configured to manage any leasing scenario specific to your business requirements
- Manages the complete lease accounting process from contract creation through to expiration
- Includes rules to calculate right-of-use (ROU) assets and lease liabilities, including future payments, interest and depreciation
- Produces schedule of payments across the entire life of the lease
- Produces journal entries required for each company to ensure compliance in reporting. Ability to view this at the contract or aggregated level of detail
- Can make ad hoc adjustments to deal with additional complexity
- Determines which leases meet the length and materiality thresholds
- Ability to import or export to and from external systems.
- Ad hoc reporting capabilities in Excel and Web tools
- Handles transition rules
- Deployable on cloud or on premise
- Handles currency conversion
- Deals with contract modifications
- Enterprise level security – flexible for different audiences.
- Reporting in calendar and financial year
- Can use centralised discount rates matrix
- Option to bulk upload contracts from a file
- Customisable interface with minimal effort / training
- Flexible to add additional functionality bespoke to your business.
An IFRS 16 qualifier is built in, to ensure that the contract in question qualifies as a lease under IFRS 16. It can determine whether or not the contract includes: 1) an identified asset, 2) the right to obtain substantially all of the economic benefits from using the identified asset, and 3) the right to direct the use of the identified asset.
To speak to one of our expert consultants about how Lease 16 can work for you get in touch.