Kyriba has launched a lease accounting module for its treasury management platform, offering centralised lease tracking and providing improved risk mitigation for financial executives. According to the firm, a provider of cloud solutions for treasury and financial management, the lease accounting module allows accounting teams, corporate treasurers, CFOs and other senior financial executives to have better control and management of leases, which is an important compliance issue as IFRS 16 is due to come into effect from 1 January 2019. The international accounting standard will require corporates to prepare detailed reporting and calculations for 'off balance sheet' leases.
Easing lease compliance
The integrated lease accounting functionality enables rapid consolidation of lease data, auditable workflows, and automated calculations to simplify ongoing compliance overhead. According to Kyriba, the new module can be subscribed to separately or in conjunction with modules for cash and risk management, payments and working capital.
Kyriba's Bob Stark said: “Without an automated solution, corporates must rely on manual input, making them vulnerable to lack of auditability and visibility. Combined with recently announced capabilities for real-time fraud detection, advanced hedge accounting, multi-lateral netting and cash management, the development of the lease accounting solution demonstrates Kyriba’s commitment to meeting the evolving needs of senior finance leaders.”
Key features of Kyriba’s lease accounting solution include:
- multi-lingual central repository of all leases, managed in the cloud;
- data exchange import and/or copy and paste from Excel;
- document attachment for full visibility and auditability of lease details;
- automatic calculation and reporting of values for asset, liability and depreciation; and
- management of life-cycle events such as early termination, extensions, returns, renewals and purchases.
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