On the 1st of January 2019, the new international accounting standard IFRS16 came into effect. The Australian equivalent, AASB 16 effective date is set to be the same and will impact many of Australian companies with their financial year-end 2020.
Will IFRS affect my business? If you are a lessee with working property or non-property leases, the lease changes will most likely affect your business, as they now will be reported onto the balance sheet as a lease liability and right of use asset.
Progen is a property and a full commercial lease accounting software that caters for AASB16. All you need for the new standard is a core part of what we do. At Progenesis, we understand the complexity of property leases and can handle everything in between complicated rent-reviews, renewal options, outgoings and sub-leasing. Not only are we experts in commercial property management and retail property, we also accommodate non-property such as equipment lease accounting.
Do you want to know more about how our software can help your business tackle IFRS16 compliance? Get in touch with us today.