The classification and subsequent valuation of lease contracts according to IFRS / US GAAP is often one of the main challenges when converting from local GAAP to IFRS / US GAAP. In order to ease the complex and time consuming workload in connection with lease reporting, FAS Lease AG has developed a lease accounting tool (“FAS LeaseBOX”).
The FAS LeaseBOX is a PC-based standalone application for accounting for leases, which enables the management of up to 50,000 contracts within a multilingual application environment. The only input parameters required are the known basic data for each contract, such as inception of the lease, end of the lease term, lease payment and any special arrangements. The contract parameters can be entered manually or imported via an interface. All further steps are processed automatically.
Within reporting, the recognised assets / contracts are accounted for according to IFRS / US GAAP and HGB (or optional local GAAP) in parallel. The system creates the accounting entries at single contract level and the corresponding reconciliation entries according to IFRS / US GAAP. In addition to the balance sheet, income statement and notes to the financial statements according to IFRS / US GAAP, the programme provides further case-based analyses to support data management and reconciliation. The majority of the reporting can be printed out or imported into MS Excel. The accounting data can be transferred via interfaces to subsequent systems at general ledger and/or contract level.
The main features of the FAS LeaseBOX are as follows:
- Easily adaptable 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 derivation of IFRS-adjustments at single contract level
- Standardised interface for a flexible data import / export and contract administration
- Comprehensive, rule based plausibility testing and quality assessments as well as change logs at field level
- Additional customised reports on the contract portfolio (optional)
Especially with regard to the planned new accounting standards under IFRS / US GAAP, the FAS LeaseBox makes it possible to achieve the required transparency and planning certainty as well as optimise the leasing portfolio in good time. A comprehensive additional customised report regarding the new lease standard is offered as an option. All future requirements are met in good time through updates, with support provided by a help desk. In addition to the standard software, we offer development and support of customised leasing solutions in the fields of legal reporting (IFRS / US GAAP, HGB, local GAAP), management reporting and risk & regulatory reporting .
Thanks to a client-server architecture, the FAS LeaseBOX also includes the options of multi-user operation and free scalability (number of contracts) in conjunction with a database server.
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