Utilise software developed specifically to manage your real estate and equipment leases
IFRS 16 is here. Having come into force on 1 January, 2019 in Ireland and around the globe, the new standard requires businesses to reflect lease commitments in their company financials by recording them on the balance sheet. This applies to land, buildings, assets and equipment where the lease is over a year in length. To adopt the standard, fully comprehend its impact across an organisation and provide full visibility to stakeholders, a specialist system will be required. At MRI Software, our comprehensive solution suite has consistently evolved to help clients in Ireland meet the rigorous demands of core accounting and financial reporting regulations – and our current product range has been developed specifically for introduction of the new IFRS 16 standards. Our innovative IFRS 16 software is being utilised by several leading corporate occupiers in retail, aviation, telecoms, logistics and a variety other sectors to efficiently and proactively tackle the complexities involved and produce accurate financial information with relative ease. Working in partnership with our team of subject-matter experts, the platform can be utilised as a standalone IFRS 16 calculation tool or be delivered as part of an integrated lease management, property management and accounting system.
Automatic recalculations and associated balance sheet adjustments when required
Manage landlord incentives, impairments and dilapidations
Manage transitional rules and the entire life of the lease.
New disclosure reports providing details of right of use assets, interest, amortisation, cash flow and weighted terms
Get notification alerts when critical information changes
Scenario modelling of lease terms to limit the impact of new leases on the balance sheet
API available to interface IFRS 16 journals and lease payments to your corporate ERP
Create an asset class matrix and define discount rates by asset type
Multiple assets grouped to a single lease contract when required
Set materiality thresholds with the ability to exclude low value leases
Manage decision-making process for break clauses and extensions
Handle the impact of IFRS 16 on your subleases
Building success and empowering collaboration with purpose-built IFRS 16 software
One of the most critical measures of success in the adoption of IFRS 16 will be how closely the finance and real estate departments work together – along with members of HR, legal and procurement teams. Collaboration will be a cornerstone of effective implementation, and where teams seek to act in isolation, they risk missing crucial nuances that may have a major impact – particularly if they’re trying to handle calculations across separate platforms. By harnessing the power of a comprehensive and flexible lease accounting solution, you can bridge the gaps and ensure data is captured, at source, with no need for double entry. It also provides the tools for your organisation to work as one, and allows for effective, clear and accurate information to be communicated to the business, its stakeholders and its investors.
Who uses the software?
[Webinar] Managing IFRS 16: Software vs Spreadsheet
In this on-demand webinar, we review how the new legislation has impacted the industry, the downfalls of the spreadsheet and how established, well-implemented software can simplify your IFRS 16 processes.
IFRS 16 Infographic
Find out the benefits of departmental collaboration for IFRS 16 and ASC 842 compliance
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, retail 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.
Used by the 4 largest supermarket brands in the UK
Used in 100+ countries
Trusted by more than 300 property occupiers