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IFRS 16 software: are you ready for the new lease accounting standards?

Are you ready to comply with upcoming FASB/IASB lease accounting requirements? Our software can help you.

By 2019, the Financial and International Accounting Standards Boards (FASB and IASB) will require businesses to record leases on the balance sheet. These standards apply to land, buildings and leases including short term and long term obligations.

Our solutions have always worked to enable compliance with core accounting and financial reporting regulations. That’s why we are pleased to announce the release of Qube Horizon 10.2 Service Pack 4, which includes enhanced functionality for the new lease accounting standards.

However, it could be that your accounting jurisdiction does not require this, for instance FRS/UK GAAP – but rest assured we have the requirements for this covered also.

A straightforward system

Our system has a simple interface to input the required data. It will then automatically generate the right of use asset, liability, interest and depreciation schedules, in addition to the corresponding lease expense for the life of the lease.

Throughout the life of the lease when an event has an impact on the balance sheet, the software will automatically take these into account and recalculate the right to use asset and liability adjustment. Included in these calculations are incentives received, such as monies received, rent and partial rent free periods, additional costs such as legal fees, dilapidations and asset adjustment through impairment.

These schedules are fully reportable with a suite or reports based upon FASB and IASB guidance provided. The schedules are exportable to excel for modelling purposes and can be automatically delivered for use in corporate accounting systems to avoid manual journaling.

We also provide dual reporting for those companies that need to report leases to both standards simultaneously.

Download the report: New Accounting Standards – The impact of IFRS 16 for real estate providers

Risk avoidance

You can reduce your risk of non-compliance with the new standards by using software specially designed to manage your real estate leases. Ensure complete peace of mind with software that has been developed over many years in line with major accounting standards and leasing processes.

Industry knowledge

Whilst experts in corporate real estate software, we also have experience in property finance and accounting with hundreds of customers globally trusting our software solutions. For over 40 years we have worked across a wide range of real estate businesses including industrials, commercial, financial, retail, telecoms and transportation.

An opportunity for improvement

You can take this change as the catalyst to improve the whole real estate management process. Use our software to streamline your working practices and eradicate duplication of data and effort. Our system is designed specifically for real estate management that is proven to deliver better decision making for leading global brands.

The new standards don’t have to be challenging. You will likely have the data and information to hand; all you need now is the help and systems to get you to where you need to be. Speak to us today to find out how our software can help you prepare for these lease accounting changes.

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