Follow up of the maturity dates from a calendar
Management of alerts from a dashboard
Mass historical data recovery through an Excel import file
Add events to the lease lifecycle
Generate the consolidation entries in a customizable environment
Generate the asset depreciation table
Break assets down by component
Dynamic contractual payment schedule and loan depreciation table
Creation and sharing of ad hoc analyses
Data conversion: multi-currency retrieval
BI connector for creating dynamic dashboards
" I recommend Lease whole-heartedly as a tool for centralizing lease contracts in compliance with IFRS 16 requirements. I am totally satisfied with the performance of the application. If the size of your Group is similar to that of Clarins, then Lease is the solution adapted to your needs. "
" The benefit is really striking when it comes to financial reporting obligations. We would never have been able to manage such a high volume of contracts on Excel or internally, especially considering the complexity of the calculations. The effectiveness of technical issues such as heavy files import or management was a determining criterion in our choice. "
" By using a cloud-based solution, we enjoy real-time upgrades as well as developments and enhancements that Viareport makes to the application on a regular basis. This is a major advantage as compared with SAP FC. We were able to reduce costs related to application maintenance and we no longer need to perform version upgrades to benefit fully from the tool's performance. "
" We needed a tool that would meet our compliance requirements and that would also be easy to use. We realized that Viareport was the software publisher that could best meet our expectations, with Lease, its application designed specifically to comply with IFRS 16. "
FAQ in relation to IFRS 16 (Lease contracts)
IFRS 16 replaces IAS 17. The International Accounting Standards Board (IASB) judges that its implementation will provide greater transparency by providing a clearer view of the assets and liabilities of companies. The vast majority of lease commitments are not currently included in the balance sheet of companies.
The IASB issued the new accounting standard “IFRS 16 – Leases” on January 13th, 2016. It will come into effect on January 1st, 2019.
The application of this standard will provide:
• More transparency on rentals in the financial statements of companies
• A more accurate representation of company assets and liabilities
• A better distinction between companies that use leasing to employ an assets and borrowers to acquire assets
No change in the amount of cash transferred between the parties to the lease.
IFRS 16 therefore has no impact on the total amount of cash flows recognized. On the other hand, there will be consequences on the presentation of cash flows for previously simple (off-balance sheet) leases.
Under IFRS 16, cash flows from operations will be reduced with a corresponding increase in financing flows compared to amounts in accordance with IAS 17. By applying IAS 17, companies report cash flows from simple lease as operating flows. By applying IFRS 16, repayments of lease liabilities will be included in financing flows. Interest may be classified as financing activities in accordance with IFRS
Source www.focusifrs.com
To avoid missing out on IFRS 16 Contract rental, you can follow these 2 sites:
http://www.ifrs.org/issued-standards/list-of-standards/ifrs-16-leases/#about
https://www.iasplus.com/fr-ca/standards/part-i-ifrs/broad-topics/ifrs-16-leases