Progen Compliance vs other IFRS 16 software on the market

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The international accounting standard IFRS 16 (AASB 16) have forced businesses within all industries across the globe to reevaluate and reflect over their leased assets and the processes attached. Organizations will now not only have to recognize their lease liabilities and ‘right to use assets’, but also find a solution that can calculate the lifetime value and handle forecast or remeasurements of any lease components. 

The standard applies to all leased assets, including equipment over a specific value. However, property leases, in particular, requires particular treatment due to the complexity around its changing lease figures. Not only would you have to account for lease reviews and options, but any potential changes in rent for the whole term of the lease.

Although it may be possible to calculate lease projections manually on a spreadsheet, it can very quickly get complicated, especially if handling many leases. Getting the numbers incorrect can have a significant impact on your financial reporting and lead to a qualified audit report. Using the right software and expert advice when transitioning, will not only prevent risk factors but also save you a substantial amount of time.

The need to use ‘best practice’ IFRS16 software

Gracedale consulting has evaluated different IFRS 16 software on the market and selected Progen Compliance to be the most accurate and reliable solution. Some of Progen Compliance features include: 

  • Transition requirement guide  
  • User permits and full audit trail 
  • A full report and journal output 
  • Automatic calculations around lease liability on specific projections

Progen Compliance supports all three transition methods and offers full transparency of individual lease treatments under IFRS 16. 

AASB 16 & IFRS 16 Services offered by Gracedale consulting

Full AASB 16 Implementation

Of the Progen Compliance module, from beginning to end. Loading data, setting up the IFRS16 parameters, trialling reports, adjusting to suit, while at the same time training users in its ongoing use. Simple!

Full IFRS16 Bureau Service 

Of the Progen compliance module, from beginning to end. The data is loaded and setup, then reports are delivered back to you with all the IFRS16 reports you need. Simple! This can be done annually. No need to buy the software, pay for a monthly or annual service. Simple!

Sydney, Australia

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NSW 2060, Australia