New reporting standard
as part of the SAP application

SID IFRS 16

Implementation of IFRS 16 - a new reporting standard as part of the SAP application (RE-FX module).

IFRS 16 applies to virtually all leasing contracts - from the car fleet, through machinery and equipment, to the lease of land and buildings. The new standard, published by the International Accounting Standards Board (IASB), will apply to annual periods beginning on January 1, 2019. Due to the necessity to introduce many important modifications and the analyzes preceding them - it is time to start working on its implementation.

The upcoming changes require modifications in the processes, the implementation of new procedures and control principles that will enable the collection of data on lease contracts - from their identification, to subsequent changes. 

SID IFRS 16

SID IFRS 16 is a perfect tool for analytical records of: rights to use an asset, accounts for leasing liabilities, financial receivables, revenues and costs. The solution is based on standard functionality, i.e. balance sheet valuation of contracts with the RE-FX module, using FI-AA, FI and CO modules. The key to align the organization with IFRS 16 are not only consulting services and dedicated solutions, but also a team of consultants with extensive experience and substantive knowledge. We will help to implement the obligations arising from the new financial reporting standards as well as to achieve additional business benefits. We will advise you on how to maximize the benefits resulting from the purchase of a RE-FX module license, including by using its functionality to:

  • comprehensive administration of lease agreements including bid proposals and invoicing;
  • complete, organized registration of media and operating costs;
  • registration of insurance agreements;
  • calculations of taxes and fees (property tax, perpetual usufruct and others);
  • booking space for internal purposes;
  • correspondence with contractors.

 

Changes in leasing recognition directly translate into business processes, IT systems and the environment of internal control of lessees. 

SID IFRS 16 is a comprehensive contract service including:

  • tools for settling leasing contracts according to various standards (GAAP, PAS and IFRS);
  • modifications of agreements, which result in adjustments of liabilities and the value of assets due to leasing, similarly for revenue contracts on the lessor’s side;
  • account management "Lease settlement", subleasing and invoicing services;
  • accruals;
  • reporting in accordance with the requirements of the standard;
  • migration of lease agreements using the chosen method (complete or partial retrospective);
  • full integration with other SAP areas.

 

SID was awarded SAP Recognized Expertise certificate in the areas of Real Estate and Financial Management - extremely important for clients in the context of the requirements of IFRS 16 / IFRS 16, in which the SAP RE module is the key element.

 

SAP_Recognized_Expertise_in_Real_Estate_ManagementSAP_Recognized_Expertise_in_Financial_Management

Ask about SID IFRS 16. Minimize risk and reduce costs.

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