{"id":6485,"date":"2023-01-05T02:12:29","date_gmt":"2023-01-04T18:12:29","guid":{"rendered":"https:\/\/www.kingdee.com.hk\/kingdee-ifrs-16-solution\/"},"modified":"2023-01-05T18:51:54","modified_gmt":"2023-01-05T10:51:54","slug":"kingdee-ifrs-16-solution","status":"publish","type":"page","link":"https:\/\/www.kingdee.com.hk\/en\/products\/financial-cloud\/kingdee-ifrs-16-solution\/","title":{"rendered":"Kingdee IFRS 16 Solution"},"content":{"rendered":"\t\t
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Kingdee IFRS 16 Solution<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Compliance with the IFRS 16 lease accounting standard, improves the efficiency of lease management by streamlining and automating the processes<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Introduction to the Accounting Measurement Principle IFRS 16<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The International Accounting Standards Board (IASB) has published IFRS 16 \u2014 a set of new standards for leases. Lessees are now required to apply IFRS 16 to leases, which, previously in accordance with IAS 17, were classified into operating leases and finance leases and therefore came under different accounting measurement principles. It marks one of the most profound policy changes in recent years, with far-reaching implications for a wide variety of industries ranging from retail chains, airlines and transportation to even banking and insurance businesses.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Challenges of the Financial Management\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The transition to IFRS 16 will bring significant challenges to the financial management of companies. Take the maintenance of lease contract information for example. In accordance with the new standards, measurement of right-of-use assets and lease liabilities involves very complex calculations, and each contract requires individual tracking of changes and settlements to confirm the impact on financial assets and liabilities. In the event of a large number of leases, the following up of relevant businesses by financial staff entail huge amounts of effort and resources.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Business value of Kingdee IFRS 16 Solution<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\"\"<\/figure>
Improves the effectiveness of client lease management<\/h5><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\"\"<\/figure>
Reduces the impact of IFRS 16 transition and improves the efficiency of lease management<\/h5><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\"\"<\/figure>
Improves the accuracy of financial statements<\/h5><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Core functionalities of Kingdee IFRS 16 Solution<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Lease Contracts<\/h5>

Routine lease contract management tasks such as registration, lease status tracking, modifications, settlement and termination.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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IFRS 16 Calculation Engine<\/h5>

For each lease contract, the IFRS 16 calculation engine automatically calculates information related to right-of-use assets and lease liabilities.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Right-of-use Assets Management<\/h5>

Registration, modification and disposal of right-of-use assets, and the handling of assets in depreciation periods.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Lease Liability Management<\/h5>

IRR calculation, discounting and recognition of lease liabilities, interest accrual, lease payment handling, lease modifications and liabilities amortization.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Lease Analysis<\/h5>

Provides pre-set reports such as lease contract list, right-of-use assets depreciation schedule, lease liabilities schedule, and lease payment schedule; for special-purpose analysis, the system also provides a BI reporting tool for user-defined reports and dashboards.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Seamless ERP Integration<\/h5>

Works seamlessly with Kingdee ERP and supports integration with third parties' financial management systems.<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Connect With Us Now!<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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If you have any questions, please call us at (852) 2157 9390. Our consultant will give you the best solutions for Digital Transformation.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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