ifrs16
On January 1, 2019, the new norma IFRS16 about leases.
The standard determines that the income statement should reflect the right to use the asset for a certain period, therefore, the liability should reflect the lease payments, the recognition of interest on the lease liability and the amortization of the right asset. of use.
SAP has updated its module RE-FX – Flexible Real Estate Management to cover the new legal requirements.
Several improvements have been introduced to the RE-FX (Flexible Real Estate Management) module, to provide comprehensive coverage of the legal requirements of IFRS16, US-GAAP or any corresponding accounting standard, in a simple and intuitive way.
It should be emphasized that SAP has taken the existing system for registering and valuing real estate and enhanced it by adding the specific features of lease contracts originating from IFRS16. Thus, SAP customers can approach this solution with confidence, as the RE-FX module has full integration with the FI modules (FI-GL, FI-AR, FI-AP, highlighting FI-AA), TR, CO, PS, PM among others.
- Simplify your operations with SAP Real Estate
ADVANTAGES
Reliability and traceability of accounting entries made
Full control of all expense leases through simple and flexible mapping of all contractual arrangements
Reduction of administrative work through automated entries in financial accounting
Automation of lease termination, renewal and readjustment procedures
Lower processing costs due to process automation
SAP-guaranteed product fixes and low maintenance requirements
We are ready to think and build the best solution
for your company, assisting with the new accounting standard IFRS16.
