IFRS 16

The IFRS 16 Lease Accounting Software by House of Control AS aims to simplify and streamline the process of complying with the IFRS 16 lease accounting standard. This cloud-based solution is designed for small, medium, and large companies across various professions and industries, including finance and accounting, procurement and operations, contract management, auditing and compliance, as well as real estate and property management.

Key Features

Cloud-based Data Storage: According to the vendor, the software allows users to collect and centralize lease contracts and data in a secure cloud environment. It provides easy retrieval of well-organized data, offers a secure and structured database, and allows access-controlled user rights for collaboration with contract managers and auditors.

Simplified Lease Accounting: The vendor claims that by activating the IFRS 16 software, the process of accounting for leases can be simplified. It automatically generates accurate figures, applies correct adjustments and treatments according to the standard, adjusts figures for price index changes, and accounts for extension options and modifications.

IFRS 16 Reporting: According to the vendor, the software assists companies in complying with IFRS 16 reporting requirements by automatically generating a wide range of reports. It makes figures ready for export or audit, allows customization of reports to suit specific needs, and offers options for selecting periods, subsidiaries, and frequency of estimates.

Compliance with IFRS 16 Standard: The vendor states that the software helps finance teams navigate and comply with the complex IFRS 16 lease accounting standard. It provides guidance on recognizing lease liabilities and right-of-use assets correctly, assists in continuously tracking outstanding lease payments, and offers proper depreciation, interest, and exemption calculations.

Streamlined Contract Management: According to the vendor, the software aims to improve the complete contract management process by eliminating manual routines and saving time. It reduces the risk of errors in lease contract management, enhances control over suppliers and active contracts, and enables better financial control and cost savings.