Tips For Choosing The Right IFRS 16 Software
                     Tips For Choosing The Right IFRS 
16 Software
Tips For Choosing The Right IFRS 16 Software
IFRS 16 has seen an increase in the complexity of lease accounting. 
Implementation and maintenance of compliance with the new 
standard is a complicated process that involves new policies, 
processes as well as systems. With the compliance deadline already 
here, it is an unfortunate that most companies are still lagging behind 
in their transaction. One of the causes of these delays is using the 
wrong tool. 
If you still rely on Excel, have chosen a software vendor that did not 
deliver on what they promised or use a system that only got you 
through the initial transition, you should look for a solution that can 
help you stay compliant in the long run. 
Tips For Choosing The Right IFRS 16 Software
So how do you choose the right IFRS 16 Software to use in your 
business? The software you choose must have all the features that 
you require for compliance out of the box. Even though there are 
many companies out there that provide leasing accounting solutions, 
most of them have basic packages that can only get you part of the 
way toward compliance. If your aim is to achieve long-term 
compliance, it is imperative that you implement a system that has 
features that meet the following requirements.
First of all, you need to make sure that prospective 
IFRS 16 Software Solution is configured to provide the reports that you 
need to meet those requirements easily. IFRS 16 calls for significant 
changes to disclosures nowadays than were  previously required. 
Tips For Choosing The Right IFRS 16 Software
Among these changes include additions to right-to-use assets, 
total cash outflow of leases as well as interest expense on 
lease capabilities. So make sure that the software you will 
choose provides an in-depth guide to IFRS 16 disclosures. It is 
also important to make sure that the software supports 
internal controls. 
For more tips on how to choose the right IFRS 16 Software, 
visit our website at nakisa.com
Tips For Choosing The Right IFRS 
16 Software