Accounting for leases – simply and reliably
The standard IFRS 16 Leases entails multiple challenges for companies. Companies with numerous leases are particularly struggling to collect and assess all their contracts. Moreover, the permanent monitoring of contracts which is implicitly required by IFRS 16 is an additional burden for accountants. The transition from IAS 17 to IFRS 16 is further exacerbated by the complex rules of the standard. Thus, there are many factors impeding the goal to become IFRS 16 compliant.
Therefore, we advise you to rely on a professional tool to prepare your consolidated financial statements, in consideration of the initial application of IFRS 16. You will see: Lease accounting under IFRS 16 can be that relaxed.
Functionalities of an IFRS 16 tool
A reliable software for lease accounting under IFRS 16 should meet the following requirements
- Reconciling operating leases transparently to IFRS 16
- Performing an automated calculation of remeasurements of the lease liability
- Using one system, with no additional software required
- Accounting for leases under the modified retrospective and full retrospective approach
- Easy and intuitive handling
- Flexible presentation of leases
Get to know our software for IFRS 16! Our solution covers all significant requirements introduced by the new standard.
LucaNet facilitates lease accounting under IFRS 16
Save valuable time with the LucaNet solution for lease accounting for determining your right-of-use assets and lease liabilities. The app performs all calculations on a monthly basis and displays the initial and subsequent measurement for the right-of-use assets and lease liabilities over the entire lease term.
With our app for lease accounting, you increase transparency through a clear presentation of your lease contracts in LucaNet. You gain further insights through a transparent classification of your contracts. The app enables a breakdown of all IFRS 16 accounts by criteria you can define, e. g. by asset class.
Create consistency with our IFRS 16 solution when collecting contract information. The app facilitates an easy and intuitive collection of data. Initially, all your existing contracts can be saved in LucaNet with just one import through an Excel template.