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.
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.
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:
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.
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