Lease Accounting Software
Lease16 is our off-the-shelf accounting IFRS 16 Lease management software solution which allows Organisations to easily manage leasing obligations in full compliance with the IFRS 16 Lease accounting standards.
IFRS 16 was introduced by the Internation Account Standards Board (IASB) becoming effective January 2019 to replace the IAS 17 accounting standards. International Financial Reporting Standard (IFRS) is the latest guidance on lease accounting. These regulations can be complex, especially for large organisations with multiple leases in different currencies, so having lease accounting software can eases the complexity and help you become IFRS 16 compliant.
Lease16 is built on IBM Planning Analytics with Watson and is available for Cloud deployment.
IBM Planning Analytics with Watson is a powerful tool that enables organisations to collaborate with a managed workflow. It provides data aggregation and calculations, while also allowing users to review and analyse results and details from thousands of data points in real-time. This makes the software perfect for use as lease management software because it’s ready to handle just about everything to ensure you’re IFRS 16 compliant, with ease. Whether it’s changing and restructuring lease contracts or implementing the constant monitoring IFRS 16 requires, our Lease16 Lease accounting software is ready to help your accounting.
- Configured to manage any leasing scenario specific to your business requirements
- Manages the complete lease accounting process from contract creation through to expiration and modification.
- Includes rules to calculate right-of-use (ROU) assets and lease liabilities, including future payments, interest and depreciation
- Reporting in Excel and web front end
Lease Accounting Software Packed With Features
- Produces schedule of payments across the entire life of the lease
- Produces journal entries required for each company to ensure compliance in reporting viewable at a contract or aggregated level of detail
- Determines which leases meet the length and materiality thresholds
- Ability to import or export to and from external systems and bulk upload from file
- Handles transition rules
- Handles currency conversion
- Can use centralised discount rates matrix
- Customisable interface and functionality to make a bespoke solution
In addition, 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 the contract includes:
- An identified asset
- The right to obtain substantially all the economic benefits from using the identified asset
- The right to direct the use of the identified asset
Need IFRS 16 compliance? Look no further than Lease16 Lease Management Software
Lease16 is a simple to use web and Excel based tool developed to enable full reporting compliance with the IFRS 16 standards. With Lease16, 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.