FAS LeaseBOX
The classification and subsequent valuation of lease contracts according to IFRS / US-GAAP regulations is a constant challenge in regard of converting local GAAP to IFRS / US-GAAP. To ease the complex and time consuming workload in connection with lease reporting, the FAS Lease AG has developed a lease accounting tool („FAS LeaseBOX“).
The FAS LeaseBOX is a PC-based single user application for the reporting of lease transactions, which enables a management of up to 50.000 contracts within a multilingual application environment. Only the well known basic parameters such as inception of the lease, end of the lease term, lease payment and any special arrangements are required. The contract parameters can be entered manually or can be imported via an interface. All further steps will be processed automatically.
Within the reporting, parallel accounting according to IFRS / US-GAAP and HGB (or local GAAP optional) of the recognised objects / contracts is provided. The system creates the accounting bookings on single contract level and the corresponding transition bookings according to IFRS / US-GAAP. In addition to the balance sheet, income statement and notes disclosures according to IFRS / US-GAAP, the program provides further case based analyses to support the areas of data management and reconciliation. A large part of the reporting can be printed out or be imported into MS Excel. The accounting data can be forwarded on general ledger- and / or contract level through interfaces to the subsequent systems.
The FAS LeaseBOX key features are mainly:
- Customisable to company specific conditions (e.g. specific contract parameters)
- Processing of varying rent / lease payments and contract changes during the lease term
- Classification and accounting including allocation of IFRS-adjustments on single contract level
- Classification and accounting including allocation of IFRS-adjustments on single contract level
- Standardised interface for a flexible data import / export and contract administration
- Comprehensive, rule based plausibility- and quality assessments as well as change logs at field level
- Individual additional reporting of the contract portfolio (optional)
The FAS LeaseBox enables especially with regard to the planned new accounting standard under IFRS / US-GAAP the required transparency and planning reliability as well as an optimisation of the leasing portfolio in time. An individual additional reporting regarding the new lease standard is offered as an option. All future requirements are contemporary made available and will be supported by a help desk. In addition to the standard software, development and support of customised leasing solutions in the fields of legal reporting (IFRS / US-GAAP, HGB, local GAAP), management reporting, risk & regulatory reporting are offered.
Due to a client-server architecture, additional options of the FAS LeaseBOX are the multi-operation usage as well as the free scalability (number of contracts) in conjunction with a database server.
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You can request further information about the Consolidation Tool using our contact form.
