The New Leasing Module in Escali Financials will be available from January 1st 2018. The aim for the module is to maintain functionality regarding IFRS 16 (Accounting of leases). In addition, the module will provide the users with significant steamlining of management of leases, as well as good overview of past and future cash flows.
The main content of the module will be:
- Overview of leases
- Calculation of implicit interest rate
- Calculation of the value of the lease obligation
- Calculation and book-keeping of payments
- Accounting of "Right to use"
- Handling of options related to the lease
- Managing changes in the agreements
- Overview of cash flows
From January 1st 2019 the New regulatory framework for leases (IFRS 16) applies. Even then, comparable figures for 2018 must be showned. This means that businesses must have in place a system within January 1st 2018.