Introducing RAM’s powerful transition wizard
As the looming deadline to comply with the AASB 16/NZ IFRS 16 requirements for lease accounting starts to become a stark reality, you may be wondering where you will find the time and resource to manage and undertake such an overwhelming project.
Well look no further than Real Asset Management! We are already working with a number of organisations in preparation for the changes ahead which dictate that operating as well as finance leases are accounted for on the balance sheet.
The amount of work involved in having to create finance lease information and associated asset records from existing operating lease data is a daunting prospect, but it doesn’t have to be with the use of the transition wizard included within RAM’s lease accounting software solution. In a nutshell, the application will take the data from operating lease records and automatically create corresponding finance leases and associated assets. Key benefits include:
- Can be processed in either a full or partial retrospective method.
- Maintain a record of the original operating lease.
- Produce comparison reports to view the impact of the changes to the balance sheet and depreciation costs.
What’s more, the transition wizard is just one of the time saving features contained within RAM’s software. The specialist solution will also enable you to:
- Generate a Schedule of Payments automatically.
- Have full access to an audit trail, making it easy to adjust re-negotiated leases.
- Automate the rescheduling & termination of leases.
- Access short and long-term obligations statements at the click of a button.
- Benefit from a fully-automated process of apportioning lease payments.
Start preparing today! Getting the right processes, controls and IT systems in place will be crucial for the transition to, and ultimately, compliance with the upcoming AASB 16/NZ IFRS 16 requirements.
If you would like further information on how RAM can assist you on this journey, please contact us at the details below: