Lease Accounting Features
Give your team the tools, features, and reporting suite they need to successfully manage lease accounting compliance with confidence – all from one place
Features that change the way you manage IFRS 16 and ASC 842 compliance
1.
Easy lease import/export
Upload your lease data with ease. Comprehensive functionality for importing and exporting data to and from other systems ensures your critical lease information is centralised in one place.
2.
Leasing subledger
IRIS Lease Accounting is a leasing subledger which records all leasing transactions in a transparent fashion, generating the lease accounting outputs for upload into your ERP or multiple ERP systems with ease.
3.
Manage bulk modifications
The system accommodates all lease modifications and ‘in-life changes’ in accordance with IFRS 16 and ASC 842. From full and part terminations, through to price consideration changes and impairments the system manages all changes en masse using in-built bulk modifications functionality, creating a new right-of-use asset schedule and liability amortization for each change to ensure transparency.
4.
Simplified Re-measurement
As change take place, the system will calculate adjustments to the right-of-use asset and lease liability and produce general ledger postings that reflect the amendment accordingly.
5.
Amortisation & depreciation schedules
At lease inception, the system creates a right of use (ROU) asset and amortization schedule displaying how the lease asset is depreciated and liability amortized over time. With each in-life change or modification, a new ROU asset schedule and liability amortization is created.
6.
Multi-calendar support
Flexible calendars that support and align with your company-specific accounting frequencies i.e., standard calendar, retails and manufacturing calendars (5-5-4, 4-4-5, 13-week 4-4-4) or any bespoke accounting calendar required for your business.
7.
Covid-19 rent concession
In-built functionality that accommodates both the IASB and FASB COVID-19 Rent Concessions amendments for the IFRS 16 and ASC 842 lease accounting standards.
8.
Accurate disclosures and audit trail reporting
A full suite of out-of-the-box accounting and standard reports for disclosures and forecasting for IFRS 16 and ASC 842. Whether it be a disclosure reports, portfolio run-off reports for forecasting, or detailed audit reports, the system had you covered.
9.
Full lifecycle management
End-to-end management of the lease lifecycle from inception through to termination
10.
Robust controls
To support a strong control environment and create efficiencies in your external audits, the system incorporates robust access controls e.g., single sign-on authentication.
11.
Comprehensive audit reports
Mitigate audit-risks with complete and accurate audit trails. View the audit record log to track events, additions, deletions, and modifications. Access timestamps and track user activity in real-time.
12.
End of lease notifications
Receive notifications when key dates are approaching, lease due to expire or action is required. Actively manage expiring leases to avoid overpayments and unwanted extensions.
13.
Lessee & Lessor accounting
Address both lessee and lessor accounting requirements for both IFRS and FASB standards, across all asset categories.
14.
Flexible Integration
API technologies support straightforward integration with inbound data from property management systems and outbound data such as SAP, Oracle and other popular ERP systems.
15.
Data Validation
Ensuring data quality and integrity through effective data validation. Sophisticated workflows and multi-step approval help improve the accuracy and completeness of data and inputs.
16.
Multi-Currency translation
Integrated FX translation of reports allows translation from local currency to functional and presentation currencies.
17.
Management of Non-lease components
Functionality that permits the separation of lease and non-lease components by classification of asset. Separate accounting of the non-lease components is accommodated in the system.
18.
In-Built Control Measures
Meticulously designed control mechanisms and workflows that simplify compliance and support during ongoing post-transition BAU scenarios.
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Don’t just take our word for it
What our customers are saying.
“Today more than ever in business, I have an expectation that a service provider like IRIS Innervision will bring value-add to any organisation over and above the high standard of processing and reporting, particularly when it relates to leasing, which can be such a minefield for those not in that sector. Innervision does all of this and more for us in Capgemini, which is why we value our relationship.”
Tony Deans, Capgemini
