IFRS16 COMPLIANCE
Achieve an effective lease agreement tracking and ensure IFRS 16 compliance by integrating iLeAS to your ERP System. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases.
IFRS 16 requires all major leases included in the balance sheet
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Right-of-use Asset Right to use the underlying leased asset |
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Lease Liability Obligation to make lease payments |
Lease Definition
The new on/off-balance sheet test for lessees - a key judgement area
Lease Definition - Exempsions
Two major optional exemptions make the standard easier to apply
Advantages of iLeAS
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Deploy as an extension to Oracle EBS Solution or as a stand-alone Cloud solution to connect to other ERP Applications |
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Enables synchronization with General Ledger for accounting entries and Accounts Payable for lease rental invoices |
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Leverage dashboards and the reporting features for all lease reporting requirements and streamline operations |
Functionalities
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Record all leases (Property, Equipment, etc.) |
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Define the rental schedule with clauses for revision, payment frequency |
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Integrate with Accounts Payable for Invoice creation as per payment schedule |
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Calculate the Right of Usage (RoU) Valuation based on the IRR or borrowing rate and also the Lease Liability in line with the IFRS 16 recommendations |
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Integrate with GL to create the accounting entries for the RoU and Lease Liability values |
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Generate the Amortization calculation and the accounting entries to GL |