I've been working on a solution to simplify this. I'm excited to share that I have developed a comprehensive lease calculator based on the principles of IND AS 116 and IFRS 16.
This tool is designed to help professionals and businesses:
Calculate the Right-of-Use (ROU) Asset and Lease Liability with precision, considering all key variables.
Generate an Accurate Amortization Schedule for both the ROU asset and lease liability, month by month.
Simplify the calculation of interest expense and depreciation, ensuring compliance with the standard's requirements.
This isn't just a spreadsheet; it's a tool built to take the guesswork out of a complex standard, saving valuable time and reducing the risk of non-compliance. It's a testament to how we can use practical tools to navigate the evolving accounting landscape.
Link to the tool:
https://llamacoder.together.ai/share/v2/Jn3FgHfcxJtJ6R5O
What's the most challenging aspect of implementing IND AS 116/IFRS 16 that you have faced? I'm keen to hear your experiences.
CAclubindia
