The new IFRS 16 and ASC 842 standards, which came into force in 2019, require organizations to include greater detail in the accounting of rented or leased property and equipment. With Excel spreadsheets not a viable (or compliant) option, businesses are left with the challenge of collecting, managing and reporting on greater volumes of data in line with the new standards.
BOARD Lease Accounting enables companies to achieve IFRS 16 and ASC 842 compliance for their lease accounts with ease, taking care of the entire process of data management, calculation, simulation, and reporting.
Data Integration and Easy Setup
BOARD Lease Accounting is a pre-configured solution which integrates easily with existing data architectures
Complete Process and User Control
A user-friendly dashboard enables easy monitoring of the entire IFRS 16 and ASC 842 processes, an alerting system ensures deadlines are met, and user settings allow for the definition of user capabilities and the segregation of duties
Simulate the impact of different scenarios to ensure you take the best possible decision; all IFRS 16 and ASC 842 calculations are generated by the solution, with full currency conversion capabilities
Disclosure and Reporting
A single lease data repository allows you to rigorously calculate and disclose for IFRS 16 and ASC 842, with built-in BI functionality to visualize and analyze to help you make better decisions
Contract Lease Management
A fully supported process helps you to easily manage your lease contracts, providing a collection, calculation and documentation base for your accounting consolidation entries