As many will be aware by now, the new AASB16/IFRS16 accounting standards for lessee operating leases will be applied soon. For most Australian operations this will take effect from 1st July 2019.

Progenesis has been busy over the past year developing an IFRS16/AASB16 Module to be integrated within our ProgenNet, PEPS+, & PEPS software. This will allow our customers to run the processes required to be compliant with this new accounting standard.

This Module is available to our existing customers at no additional software cost and is part of the Annual Renewal Licence fee.

IFRS16/AASB16 accounting compliance will mainly impact lessees.

The IFRS16/AASB16 Module for ProgenNet or PEPS+ only runs on Version 7. That means customers using an older version will need to upgrade if you want to use this functionality. Please ring the Help Desk if you have any queries about what version you are on, if you think you need the IFRS16/AASB16 functionality.

There will be additional costs in relation to installation, training and consulting. Further costs could be involved if you require automatic generation of journals to any external General Ledgers (optional).

A major part of this Project will be determining the business parameters, and the preparation of data to be used in the Module. You should allow a few months for this preparation work. An important aspect of this Project is liaising with your Auditors.

If you have any questions regarding these changes, or about this new module, please feel free to contact us on enquiries@progensoft.com

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