11th September 2018 — Kyriba, the #1 global provider of cloud treasury and financial management solutions, today announced the launch of a new lease accounting solution that enables accounting teams, corporate treasurers, CFOs and other senior financial executives to better mitigate risk through the centralized tracking of all corporate leases.
With new international accounting standards such as IFRS 16 scheduled to go into effect on 1st January 2019, corporates will be required to prepare detailed reporting and calculations for “off balance sheet” leases. Kyriba’s new module allows for rapid consolidation of lease data, auditable workflows, and automated calculations to simplify ongoing compliance overhead.
With the launch, Kyriba becomes the first treasury management vendor to offer lease accounting functionality as part of an integrated platform.The new module can be subscribed to separately or in conjunction with award-winning capabilities for cash and risk management, payments and working capital.
“Without an automated solution, corporates must rely on manual input, making them vulnerable to lack of auditability and visibility,” said Bob Stark, Vice President of Strategy at Kyriba. “Combined with recently announced capabilities for real-time fraud detection, advanced hedge accounting, multi-lateral netting and cash management, the development of the lease accounting solution demonstrates Kyriba’s commitment to meeting the evolving needs of senior finance leaders.”
Key features of Kyriba’s lease accounting solution include:
- Multi-lingual central repository of all leases, managed in the cloud
- Data exchange import and/or copy and paste from Excel
- Document attachment for full visibility and auditability of lease details
- Automatic calculation and reporting of values for asset, liability and depreciation
- Management of life-cycle events such as early termination, extensions, returns, renewals and purchases
To learn more about the new module, please visit www.kyriba.com
