Cloud Leader Becomes First Treasury Management Vendor to Offer Integrated Lease Accounting Functionality to Accelerate Compliance with International Standards Such as IFRS 16
LONDON, September 11, 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 Jan. 1, 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.
About Kyriba Corp.
Kyriba empowers financial leaders and their teams with award-winning solutions for cash and risk management, payments and supply chain finance. Kyriba delivers a highly secure, 100 percent SaaS enterprise platform, superior bank connectivity and a seamlessly integrated solution set for tackling today’s most complex financial challenges. Thousands of companies, including many of the world’s largest organizations, rely on Kyriba to streamline key processes, protect against loss from fraud and cybercrime, and accelerate growth opportunities through improved decision support. Technology analyst firm IDC recognized Kyriba as a global leader in its MarketScape for SaaS and cloud-enabled treasury and risk management applications for 2017-2018. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Dubai and other major locations. For more information, visit www.kyriba.com.
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Daniel Shaffer, firstname.lastname@example.org, +1 (858)263-2218