Ensure compliance using software specially designed to manage your real estate and equipment leases
Our CRE lease accounting solutions have always operated to ensure compliance with core accounting and financial reporting regulations in Canada and globally, including IAS 17 and the new IASB IFRS 16 and FASB ASC 842 standards. This means that by using our software, businesses can automate calculations that are otherwise time-consuming, prone to error and difficult to audit in a spreadsheet or separate software approach. Designed as an open information system, the calculated values can be interfaced through to corporate accounting systems to avoid manual journal creation. In addition, fields have been added that capture discount rates, assumed end dates of the lease (taking into account break clauses and extensions, plus comments to satisfy auditors as to why this date has been chosen), incentives, costs and dilapidations.
Lease Accounting Software Features
Time saving calcuations
Automatic recalculations and associated balance sheet adjustments when leasing events require it, such as extensions and terminations.
Alert functionality for notifications when critical information changes. Finance can also be notified when a new lease is under negotiation.
New disclosure reports providing details of right-of-use assets, interest, amortization, cash flow and weighted terms.
What if scenarios
Scenario modelling of new leases to aid decision-making when considering the impact of new contracts on the balance sheet.
Property & equipment leasing
IFRS 16 & ASC 842 compliance for both property portfolio materiality and non-property assets.
IFRS 16 & ASC 842 compliance for lease receivables linked to a head-lease payable, whether the subtenant is a third party company or intercompany.
Lease level accounting
Audit trail for each lease of all balance sheet calculations, each displaying amortisation, opening/closing liability, interest, depreciation etc for each period in line with company-specific accounting calendar.
Discount rate management
Definition and management of discount rate strategy - lease by lease, implicit, asset class.
Group Vs Entity Reporting, IFRS 16 and ASC 842 dual reporting for organisations requiring to declare the impact on the balance sheet of leases across multiple entities within a global group.
Lease exemptions and classifications
Automated classification of short term leases and small value lease exemptions, along with FASB operational and finance lease classifications.
Adoption method modelling
Model leases on full retrospective, modified a, modified b to understand the material impact.
Compounding on a daily rate or monthly rate in line with a client’s accounting calendar i.e. standard calendar months, 13 weeks, retail and manufacturing accounting periods (4-4-5).
Lessee and lessor disclosure reports (IFRS 16 & ASC 842).
IFRS 16 & ASC 842 journal entries per period – standard reporting or ability to interface to ERP.
OVER 400 LEASE ACCOUNTING SOFTWARE IMPLEMENTATIONS
USED IN 100+ COUNTRIES
TRUSTED BY MORE THAN 1000 PROPERTY OCCUPIERS