Lease Accounting Software
IFRS 16 and ASC 842 lease accounting software for real estate and equipment
FMIS Lease Accounting Software offers a proven lease management solution to simplify compliance with the latest IFRS 16 and ASC 842 accounting standards. From the public sector to publicly listed companies, lessee finance professionals trust FMIS to track and automate lease accounting processes, centralise their lease data and support IFRS 16/ASC 842 compliance.
Our lease management software gives your team the tools, features and reporting to successfully manage your finance leases and operating leases for equipment and real estate without the need for spreadsheets.
✓ Ensure compliance with the latest IFRS and FASB lease accounting standards
✓ Track all agreements, including real estate, equipment and retail leases
✓ Automatically calculate adjustments to the right-of-use asset (ROU) and lease liability to produce general ledger postings and schedules
✓ Easily manage lease data using intuitive Excel import and export features in the software
✓ Track mid-term lease adjustments and early settlements
✓Report on end-of-lease term dates
✓ Maintain the right-of-use asset details
✓ Manage large lease volumes easily with fast processing and batch updates
✓ Comprehensive reporting of leases at any level
✓ Bulk changes, including loading new agreements, mid-term adjustments and batched deletions
Flexible Calculation Rules
✓ Actuarial calculation of interest charges
✓ Advance and arrears options
✓ Variety of payment cycles, including monthly, quarterly, annually
✓ Right of use asset calculations and related asset amendment due to midterm adjustments
✓ Ability to close periods preventing reconciliation issues
Adjustments and changes
✓ Make adjustments mid-term or from the start of the lease term
✓ Track changes to payments and lease term
✓ Easily implement interest rate changes
✓ Automatic updates to lease payment schedules and lease liabilities following mid-term adjustments
Simple lease administration
✓ bulk import new leases or create them individually
✓ Load and manage adjustments
✓ Check period totals
✓ Correct leases and re-run periods
✓ Produce lease accounting reports and postings
✓ Lock and restore periods
Lease payment schedules
✓ Annual, monthly, quarterly and other lease payment schedules
✓ Lease payments at the beginning or end of a period
✓ Lease schedule produced for the full life of the lease
✓ Record present value of lease payments
✓ Show interest charges per period
✓ Non-lease payments such as service charges
✓ Right of use asset and lease values are all shown in one place
✓ Show lease liabilities brought forward and carried forward
✓ Flexible financial reporting
✓ Lease summaries for all contracts including short term and low-value leases
✓ Lease values by period
✓ Full lease details
✓ PDF and Excel reports with the ability to export data from the software
✓ All necessary financial reporting to achieve compliance with the latest IFRS 16 and ASC 842 lease accounting standards
IFRS 16 is a new International Financial Reporting Standard (IFRS) for lease accounting which first came into effect in January 2019. The International Accounting Standards Board (IASB) introduced the standard to replace the existing IAS 17 regulation.
The biggest impact of the changes is for lessees. Lessees have seen a significant shift in balance sheet reporting whereby almost all operating leases are now treated like finance leases and capitalised on the balance sheet. For some companies, especially those with lots of equipment leases, IFRS 16 has complicated their lease management and accounting processes. Broadly speaking, the principles of lessor accounting remain unchanged, although some topics affect both lessees and lessors.
The complexities caused by IFRS 16 have led to a greater need for specialist software to better manage lease accounting. Specialist lease management software solutions like FMIS Lease Accounting simplify lease administration and reporting, supporting compliance, saving time and providing a full audit trail.
Where IFRS 16 specifically applies to companies using IFRS (with UK GAAP likely to follow in the near future), a similar change applies to firms using US GAAP. At about the same time IFRS 16 came into effect, the Financial Accounting Standards Board (FASB) introduced its own ASC 842 standard. Although broadly similar to IFRS 16, the standard does differ in that still defines finance leases and operating leases. IFRS 16 continues to use a single lease accounting model, while ASC 842 has a dual classification on-balance sheet lease accounting model for lessees.
Due to the complexity and importance of complying with the IFRS 16 and ASC 842 standards, using Lease Accounting Software is necessary to help ensure all regulations are met and reported in the most efficient way possible. Despite the work required to implement IFRS 16, the new standard offers many different benefits for businesses and these changes will allow businesses to provide greater clarity in regard to their financial statements.
If you would like to learn more about IFRS 16 compliance using FMIS software, please contact us today.
Our software is designed to simplify lessee accounting for accounting professionals and finance teams. It is ideal for firms using IFRS reporting and is compliant with the latest IFRS 16 standard.
“The support received both during and post-implementation has been excellent.”
“FMIS makes managing our assets effectively a simple process. We can track all our assets across the group from a single system and generating reports is quick and simple, saving us time and effort.”
“The FMIS system has been one of the most user-friendly systems I have ever used,”
“Great product, Superb value for money and excellent customer support.”
FMIS Lease Accounting gives firms the flexibility to use our software in a way that best suits their business. Our solutions are available as either cloud-based (Saas) or installed on-premise. You can either use FMIS Lease Accounting Software as a stand-alone system or integrate it with the wider range of FMIS software solutions or your existing accounting and ERP software. Integrating your lease management software cuts out data duplication and promotes a singular view of all lease accounting information. You can find out more about our software partners and integrations on our partners page.
|cookielawinfo-checkbox-advertisement||1 year||Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .|
|cookielawinfo-checkbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checkbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|
|CookieLawInfoConsent||1 year||Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.|
|PHPSESSID||session||This cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed.|
|CONSENT||2 years||YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.|
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_gat_UA-48954022-1||1 minute||A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|
|VISITOR_INFO1_LIVE||5 months 27 days||A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.|
|YSC||session||YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.|
|yt-remote-connected-devices||never||YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.|
|yt-remote-device-id||never||YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.|