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GlobalLeaseCenter - IFRS 16 Software
GlobalLeaseCenter – the leasing standard for the new leases standard
As of 01.01.2019, the new IFRS 16 leases standard is mandatory for European IFRS balance sheet accountants in Europe.
Everyone’s talking about time-consuming and costly customization – but not us!
In its standard form, the GLC is quickly ready for use with your company’s own master data and accounts. Thanks to its intuitive input mask there’s no need for IFRS 16 specialists to put the contracts in for you.
The GLC has helped countless customers to implement their systems efficiently. You can have yours up and running for training and input within a week, then you’re ready to get started.
Leasing software due to new IFRS 16 regulations
IFRS 16 has turned the handling of leases with lessees on its head.
The new standard requires lessees to record all leases on the balance sheet which reflect their right to use an asset and the associated liability for payment. In the subsequent periods, depreciation and interest payable are recorded in the P&L. Short-term leases (of 12 months or less) and low-value leases are exempted. IFRS 16 also covers a range of rules concerning revaluations and modifications. Contract modifications and revaluations are recognised in the value of a right-of-use asset and the associated liability and, in certain circumstances, in the P&L.
Contract management and posting compliant with IFRS 16 embedded in new processes
To implement the guidelines you must list and calculate all eligible lease contracts at the very least. This is the first step to be taken during the introduction of IFRS 16, although all subsequent new contracts will have to be listed later. In contrast to IAS 17, IFRS 16 primarily focuses on the recording of contract modifications and revaluations, and this is where our experience shows Excel’s calculation capability to be pushed to its limits.
In particular, gathering lease data and their adjustments across all group companies often proves to be difficult and time-consuming. In the midst of all these redesigned processes, the GlobalLeaseCenter can make life much easier for accountants:
Over the past two years, with our customers we have devised a standard approach that enables fast implementation, putting you in a position to calculate and post contracts within a matter of weeks. A typical IFRS 16 project schedule for the GLC IFRS 16 software looks like this:
The GlobalLeaseCenter – what makes us stand out
With its GlobalLeaseCenter, AMANA consulting has developed a web-based lease software that not only helps you to calculate and post leases and identify accompanying notes; it also provides assistance with the decentralized collection and management of contracts. File attachments make centralized reviews possible.
GlobalLeaseCenter and IFRS 16 leasing – a closer look:
If we have sparked your interest and you would like to find out more about our IFRS 16 leasing software - the GlobalLeaseCenter - feel free to get in touch with us.
Get ready - installation, set-up and training
- Webtool, installed centrally
- Standard software
- Minimal master data
- Upload of key master data like interest curves
- Effective training concept by AMANA (either on-premise or via WebEx)
Recording contracts
- Standard mask for entering contracts
- Simple and intuitive – active user input guidance through each relevant contract dialogue, depending on the contract
- Supported in the control process – maintenance of contract portfolio including modifications
- Contracts imported in XML or CSV format including modifications (add-on)
- Numerous cash flows can be visualized (rent-free periods, daily rates, among others)
- Attachment in PDF format
- Automatic calculation of the lease term
- Interest from master data automatically added
- Infoboxes for storing details such as group accounting guidelines
Calculation
- On the fly calculation and simulation of contracts
- Calculation of all relevant information for the entire term of the contract
- Liability (according to maturities)
- Right-of-use asset according to asset class
- Interest
- Amortization etc.
Posting
- Integration of your IFRS accounts and transaction types
- Standard posting document for import to the ERP system
- ERP-independent
- Transition postings
- Posting of modifications
- Cost centres, PO numbers etc.
- Visualization of various transition methods
Reporting
- Wide range of reports including:
- Contract overview
- Balance report
- YTD postings
- Assets analysis
- Notes (mandatory IFRS 16 statements for sufficient quantities of data available in the tool; add-on for company-specific notes)
- Planning data of the contracts can be generated, reports for future dates can be viewed
- Transparency and analysis of contracts
- Monitoring of values reported on the balance sheet
Still undecided …? Here are some more reasons to choose us!
- Standardized system – no need for any extra solutions
- Uniform recording and evaluation of all lease contracts compliant with IFRS 16
- Interest rate curves can be stored as master data – application of correct interest rates assured thanks to automatic addition of interest
- Efficient monitoring of your leasing liabilities and right-of-use assets
- Classification of low-value and short-term leases
- Authorization concepts allow for user-specific configuration of the GLC
- Four-eyes-system
- Support for your lease process
- Support hotline
- Optional link to OCR processes as an add-on
- Multi-language
- Support for the planning process