In 2016, the International Accounting Standards Board (IASB) issued a new financial reporting standard IFRS 16, which deals with the accounting treatment of lease contracts. This is the perfect time to choose and implement a solution that will provide companies with consistent calculations, bookkeeping in the general ledger, and reporting. Companies should immediately start collecting all data from contracts, as the procedures are relatively time-consuming. We offer help with implementation and migration through a comprehensive platform, CCH Tagetik.
Why should you be well prepared for changes in accounting standards when it comes to leases?
The new International Financial Reporting Standards IFRS 16 radically change the method of accounting for leases. The balance sheets of companies and, hence, the financial picture of companies will significantly change.
Who is affected by the new method of financial reporting?
This mostly concerns companies that report in accordance with international standards and use their assets in operating leases in their operations.
Why is it important that you start preparing immediately?
IFRS 16 enters into force on 1st January 2019. Given the scale of the data that companies need to collect and the time-consuming procedures for their collection, there is very little preparation time.
What do we advise you?
When introducing IFRS 16, make sure to have an effective and reliable IT solution. This will greatly ease the transition to a new standard.
Why is CCH Tagetik a good solution for this?
CCH Tagetik is a comprehensive solution, allowing you to report in compliance with IFRS 16. It provides a simple management of databases, keeps record of audit trails and performs calculations according to the new standard.
The benefits of the CCH Tagetik solution
• entry of all contracts into a single collection
• full traceability of all changes to contractual terms
• saving calculations of past periods
• correct and fast calculation of accounting categories
• preparation of entries in the general ledger.
For everybody who wants a simple transition to IFRS 16, we organize free CCH Tagetik demonstration workshops