IFRS 16 compliant with the GlobalLeaseCenter
You still balance leasing contracts with Excel? We have the safer and cost-efficient alternative!
Our web-based IFRS 16 software supports you not only in the calculation and booking of leasing contracts and the determination of notes, but also in the decentralised recording and administration of contracts.
The complexity of the new IFRS 16 regulations often presents leasing-intensive companies with problems. This has come to an end with AMANA! Our IFRS 16 leasing software integrates all requirements in our standard set, which guarantees a quick implementation! With GlobalLeaseCenter you are ready to go in just a few days!
Ready to go in just four days -
IFRS 16 compliant accounting with one accounting tool:
Leasing software due to new IFRS 16 regulations
IFRS 16 has turned the handling of leases with lessees on its head.
The new standard requires lessees to record all leases on the balance sheet which reflect their right to use an asset and the associated liability for payment. In the subsequent periods, depreciation and interest payable are recorded in the P&L. Short-term leases (of 12 months or less) and low-value leases are exempted. IFRS 16 also covers a range of rules concerning revaluations and modifications. Contract modifications and revaluations are recognised in the value of a right-of-use asset and the associated liability and, in certain circumstances, in the P&L. With our IFRS 16 software you solve the regulations without any problems.
Contract management and posting compliant with IFRS 16 embedded in new processes
To implement the guidelines you must list and calculate all eligible lease contracts at the very least. This is the first step to be taken during the introduction of IFRS 16, although all subsequent new contracts will have to be listed later. In contrast to IAS 17, IFRS 16 primarily focuses on the recording of contract modifications and revaluations, and this is where our experience shows Excel’s calculation capability to be pushed to its limits.
In particular, gathering lease data and their adjustments across all group companies often proves to be difficult and time-consuming. In the midst of all these redesigned processes, the IFRS 16 Software, the GlobalLeaseCenter can make life much easier for accountants.
Over the past two years, with our customers we have devised a standard approach that enables fast implementation, putting you in a position to calculate and post contracts within a matter of weeks
IFRS 16 end-to-end-process
- Webtool, installed centrally
- Standard software
- Minimal master data
- Upload of key master data like interest curves
- Effective training concept by AMANA (either on-premise or via WebEx)
- Standard mask for entering contracts
- Simple and intuitive – active user input guidance through each relevant contract dialogue, depending on the contract
- Supported in the control process – maintenance of contract portfolio including modifications
- Contracts imported in XML or CSV format including modifications (add-on)
- Numerous cash flows can be visualized (rent-free periods, daily rates, among others)
- Attachment in PDF format
- Automatic calculation of the lease term
- Interest from master data automatically added
- Infoboxes for storing details such as group accounting guidelines
- On the fly calculation and simulation of contracts
- Calculation of all relevant information for the entire term of the contract
- Liability (according to maturities)
- Right-of-use asset according to asset class
- Amortization etc.
- Integration of your IFRS accounts and transaction types
- Standard posting document for import to the ERP system
- Transition postings
- Posting of modifications
- Cost centres, PO numbers etc.
- Visualization of various transition methods
- Contract overview
- Balance report
- YTD postings
- Assets analysis
- Notes (mandatory IFRS 16 statements for sufficient quantities of data available in the tool; add-on for company-specific notes)
- Planning data of the contracts can be generated, reports for future dates can be viewed
- Transparency and analysis of contracts
- Monitoring of values reported on the balance sheet
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During our decision process for the best software solution to fulfill the IFRS 16 requirements, the GlobalLeaseCenter convinced us by the following competitive advantages: on the one hand, it is flexible and therefore easy to integrate into our IT environment and on the other hand, the project team from AMANA was highly competent in both areas in IFRS and in IT specific technical details.
Max Automation SE
"With AMANA's GlobalLeaseCenter, the countless variety of types of leasing contracts and the modifications they can undergo during the term of the contract can be recorded easily and comprehensibly. At the same time, the valuation and the mapping of the contracts is always in line with the new standard for leases (IFRS 16)."
EFG International AG
"GlobalLeaseCenter was quickly adapted to our specifities, easy to implement and very user-friendly. The "AMANA-team" was very helpful over the project and we benefited from their technical expertise."
Marquard & Bahls AG
"We have made it - together: A large number of complex and weighty leasing contracts, both as a lessee and as a lessor, were recorded and calculated in the GLC and the generated bookings were transferred to the consolidated financial statements. The software solution, our team and the tireless efforts of our competent AMANA consultant have successfully completed the mammoth project of the first-time application of IFRS 16."