Lease Management IFRS 16 and ASC 842
Lease Management IFRS 16 and ASC 842
Gravity is the only software solution to offer a one-stop solution for integrating the lease accounting disclosure, based on IFRS 16 and ASC 842 requirements, directly into the annual and quarterly reports, within a single platform. Our customers that use Gravity for both lease accounting and financial reporting enjoy this single platform solution. I
GM provides an easy-to-use interface, boasting a straightforward software transition and seamless user adoption.
- Unlimited number of contracts and attachments: Manage an unlimited number of contracts both as a lessee and a lessor. Gravity also supports an unlimited number of supporting documents of any size that can be linked to the contract data.
- Journal Entries: Built-in set of IFRS 16 and ASC 842 compliant journal entries that can be easily uploaded to the ERP system.
- Disclosure: Built-in set of IFRS 16 and ASC 842 compliant disclosure notes that are linked directly to the annual and quarterly reports.
- Flexibility: 100% customizable based on your specific needs. Gravity’s built-in lease templates for lessee and lessor contracts are flexible and enable the customer to add or modify fields easily during the implementation process.
- Automated contracts classification: Automatic sorting between leases that should be reported under IFRS 16 and ASC 842 guidelines and excluded leases, such as immaterial, rolling or short-term leases.
- Year-end and monthly reconciliation platform: A unique reconciliation platform that enables the users to reconcile between the expected payment schedules and the actual cash inflow/outflow that was generated by lease activities.
- Workflow: Structured, yet customizable workflow that enables internal control and segregation of duties. Gravity’s workflow also enables the auditors a view-only access to all the approved contracts.
- Audit trail: A full, comprehensive audit trail of all the changes that were made to the contracts including who made the change, what was changes and when the change occured.
- Collaboration: True, real-time collaboration, where any number of users can edit, view and work within the platform simultaneously.
Gravity is the only software solution to offer a one-stop solution for integrating the lease accounting disclosure, based on IFRS 16 and ASC 842 requirements, directly into the annual and quarterly reports, within a single platform. Our customers that use Gravity for both lease accounting and financial reporting enjoy this single platform solution. I
GM provides an easy-to-use interface, boasting a straightforward software transition and seamless user adoption.
- Unlimited number of contracts and attachments: Manage an unlimited number of contracts both as a lessee and a lessor. Gravity also supports an unlimited number of supporting documents of any size that can be linked to the contract data.
- Journal Entries: Built-in set of IFRS 16 and ASC 842 compliant journal entries that can be easily uploaded to the ERP system.
- Disclosure: Built-in set of IFRS 16 and ASC 842 compliant disclosure notes that are linked directly to the annual and quarterly reports.
- Flexibility: 100% customizable based on your specific needs. Gravity’s built-in lease templates for lessee and lessor contracts are flexible and enable the customer to add or modify fields easily during the implementation process.
- Automated contracts classification: Automatic sorting between leases that should be reported under IFRS 16 and ASC 842 guidelines and excluded leases, such as immaterial, rolling or short-term leases.
- Year-end and monthly reconciliation platform: A unique reconciliation platform that enables the users to reconcile between the expected payment schedules and the actual cash inflow/outflow that was generated by lease activities.
- Workflow: Structured, yet customizable workflow that enables internal control and segregation of duties. Gravity’s workflow also enables the auditors a view-only access to all the approved contracts.
- Audit trail: A full, comprehensive audit trail of all the changes that were made to the contracts including who made the change, what was changes and when the change occured.
- Collaboration: True, real-time collaboration, where any number of users can edit, view and work within the platform simultaneously.
