Real Asset Management's Enhanced Lease4000 Software Addresses New Lease Accounting Standards

SYDNEY, Australia, September 11, 2017 /PRNewswire/ --

Real Asset Management, a leading provider of fixed asset management software, today announced the launch of its enhanced Lease4000 lessee accounting software product that addresses the new standards issued by the Australian Accounting Standards Board (AASB) and the New Zealand Accounting Standards Board (NZASB) - AASB 16 and NZ IFRS 16. Both standards require lessees to bring almost all leases onto their balance sheets by the end of 2018.

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According to Richard Exley, Commercial Manager at Real Asset Management, "The new guidance requires that almost all existing leases be brought onto the balance sheet and not just leases entered into after the standards go into effect. This represents a monumental task for organisations in terms of data aggregation and abstraction and the application of new processes and systems."

The latest enhancements to Lease4000 help organisations consolidate existing lease data into a centralised register, making it easier for RAM's customers to manage their overall lease exposure in compliance with AASB and NZASB rules, including the new AASB 16 and NZ IFRS 16 standards.

"The new features simplify the process of migrating existing leases into Lease4000," continues Exley, "The software can mass import and analyse lease contracts to extract the information needed to create a lease and its associated asset record, holding the information within a single repository. Additionally, the software's field-mapping functionality assists in classifying finance leases or operating leases for AASB 16 compliance. For organisations needing to transition to IFRS 16, Lease4000 converts existing operating leases into finance leases, creating the associated amortisation schedule during the process, while holding a record of the original operating leases."

Lease4000 is a proven information management system, enabling organisations to not only build the necessary lease payment schedules, but more crucially, facilitate the storage of invaluable user defined data including all original documentation. This will improve audit trails and assist in ensuring that the transition to IFRS is transparent and completed correctly.

Exley concludes, "The newly enhanced Lease4000 lessee accounting software elegantly handles the new guidance from the AASB and NZASB, in particular, the capacity to handle CPI increases and lease extension options and delivers a best-in-class system for the complete analysis of all lease obligations and contracts and their associated asset records."

For further information, please contact:

Richard Exley
Real Asset Management Software Pty Ltd
Tel: +61 (02) 9274 8828
Email: [email protected]