Is your business ready for IFRS 16/AASB 16/ASC 842 changes?

New accounting standard has a huge impact on how organizations need to manage and report their lease data. The implementation of IFRS 16/AASB 16/ASC 84 can be time-consuming and it will directly impact the financial performance, internal processes and even the value of the company, not just reporting and compliance – so you need to get it right and on time.

Save time, resources and simplify compliance with lease accounting and lease contract management solution Soft4Lessee designed for companies with hundreds or thousands of operating leases and prepare financial statements in accordance with IFRS 16/AASB 16/ASC 84.

Data Import / Export

Import and export to/from other systems, using one of the following methods (or combination of methods): webservice, Excel files. Soft4Lessee can interface with other asset management, contract management systems, the general ledger system, and the management reporting system.

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Lease Agreement Data Management

Have a database of your lease agreements, with three major statuses – new agreements under consideration, active leases, and archived leases (expired, or terminated early). Import data from Excel sheets or XML data files, or populate data via webservice.

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Reports for IFRS 16 Presentation and Disclosures

Get ready reports which you need for your financial reporting and prepare additional information for IFRS 16 disclosures.

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Accounting for Lease Liability

Calculate lease liability as the present value of lease payments, and the present value of amounts due at the end of the lease term, considering purchase or termination options. The system will automatically adjust lease liability as the circumstances change.

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Accounting for Right-of-Use asset

Calculate RoU Asset value considering lease liability, costs before lease commencement and the expected cost of asset return (e.g. costs of equipment dismantling, costs of restoring leased premises). If the lease liability is re-assessed, the RoU asset value changes accordingly.

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Variable Leases

If you have leases with variable lease payments dependent on an index (like the Consumer Price Index) or reference interest rate (like LIBOR, EURIBOR), the system is able to calculate re-pricing and reflect it in accounting, as per IFRS 16 requirements.

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General Ledger integration

Have required G/L transactions at each due date and at the end of the accounting period. You can download G/L transactions in detail or at summary level and feed them into your general ledger system via webservice integration, or via an Excel.

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Sub-leases and Lease-in lease-out scenario

If you have lease-in and lease-out (LiLo) scenario, or sub-leases, the combination of both SOFT4 modules – SOFT4Leasing (for lessor side) and SOFT4Lessee will give great value, as you have an end-to-end process in one application.

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Parallel accounting under IAS 17 standard

For purpose of comparison and impact analysis, SOFT4Lessee can calculate and post to General Ledge expenses as per previous IAS 17 standard. This can also be used in scenarios, when IFRS 16 applied at group consolidation level.

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Managing the multi-company businesses

If you have tens or hundreds of subsidiaries and account for leases per each legal entity, some functions can be run over multiple "companies" in SOFT4Lessee.

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Handling of Non-lease component

If you have a composite contract that includes leases and services, the non-lease component is separated and posts to the operating expense account, separately from interest expense and asset depreciation expense, as required by IFRS 16.

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Managing Lease Modifications

The system allows lease modifications after the commencement date and will calculate the impact on lease liability and right-of-use asset. The system will produce G/L postings to reflect any lease modification.

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Lease status management

Track leases by numerous statuses – in deliberation, signed, active, extended, early-terminated, expired.

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Assessment of the Lease Term

Determine lease term by a number of circumstances – whether you are reasonably certain to execute the purchase option, or extension option, or terminate the lease before the end of the term.

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Re-measurement

As circumstances change, the system can calculate adjustments to lease liability and right-of-use asset value, and produce G/L postings accordingly.

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