As you may know, on the 1st of January 2019, new international accounting standards came into effect. The new standard IFRS16 and its Australian equivalent AASB16 means that property and non-property leases now have to be reported onto the balance sheet as a liability and right of use asset.

Will this affect your organisation?
If your organisation are lessees (leasing or renting) with working property or non-property leases such as equipment, you will most likely be affected by the new standard. Are you yet to set your records up for IFRS16? Don’t worry; we’ve got you covered.

Full accounting suite with IFRS16 module
Progenesis software has a complete accounting suite, and our latest version includes an integrated IFRS16 compliance module. The module manages property as well as non-property leases and caters for complex sub-leasing situations. It leverages on the software’s comprehensive lease and administration functionality, and it integrates with all major corporate accounting suites.

Included in our latest version
The IFRS16 module is included in Progenesis’s version 7 and comes free of charge*. We have successfully implemented the module with some of our clients who are now up and running. Do you want to know how we can help your organisation to tackle the new standard and how to implement the IFRS16 module? Don’t hesitate to contact us today.

* Cost for installation and required software upgrades will apply.

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