Frame Contract Management – IFRS 16 Extension
Frame Contract Management is a management tool for handling lease agreements. With the help of the IFRS 16 Extension, you can compute the values for the right-of-use assets, and lease liabilities, govern the changes affecting the values, and compute the possible impact of the changes affecting the income statement. The IFRS 16 module can be used to handle all kinds of lease agreements under the IFRS 16 standard.
The comprehensive reporting package provides all the notes that the new IFRS 16 standard requires to be disclosed in the financial statements. The reporting tool can also be used to filter the needed figures on, for example, asset class, cost centre and legal entity levels.
The IFRS 16 module is a very modern and user-friendly SaaS service. It is designed to remove the inconvenience caused by the IFRS 16 standard better than any other available solution.
- Governing the extension, termination, and purchase options
- Computing the liability and asset sides, and the effects on the income statement
- Accounting for the residual values, and make-good provisions
- Computing the effects arising from changes in the length, scope, price, or any combination of these
- Change history – the audit trail
IFRS 16 Extension Functionalities
1. Corporate structure: Places of business, cost centres, legal entities, …
2. Contracts in electronic format
3. Price changes (for example index, revenue, or mass-based)
4. Maintaining additional information required for the computation of IFRS 16 figures
5. Accounting for lease liabilities and right-of-use assets, and the effects caused by changes in the IFRS 16 specifications
6. Creating accounting entries
7. Transferring the entries into accounting and/or consolidation software
8. Comprehensive reporting and flexible filtering of specified information