Nakisa ® announces solution that supports compliance with new IFRS 16 and FASB ASC 842 lease standardsNakisa launches end-to-end solution to satisfy lease compliance requirements and accelerate lease administration processes
MONTREAL, Canada / March 30, 2016 Nakisa today announced that the SAP® Lease Administration application by Nakisa, which helps customers improve lease administration, supports compliance with the new IFRS 16 and FASB ASC 842 lease accounting regulations. The regulations were published Jan. 13, 2016 and Feb. 25, 2016, respectively.
SAP is offering the application, which was created in anticipation of the lease reporting changes set by the new IFRS 16 and FASB ASC 842 regulations. The solution was designed by Nakisa with input from SAP and customers. SAP Lease Administration is sold and supported by SAP globally and is developed on SAP HANA® Cloud Platform.
“We have built a very successful partnership with SAP over the past decade, so the decision to partner on a new equipment leasing solution was an easy one,” said Babak Varjavandi, CEO at Nakisa. “Nakisa sees finance as a critical area for customers, and we are fully committed to the success of our customers.”
“The new regulations are a significant change in how businesses manage their leases. SAP Lease Administration is our solution of choice for SAP customers requiring an equipment lessee solution,” said Thack Brown, general manager and global head of Line of Business Finance at SAP. “Businesses stand to gain efficiency and overall reduction in spending by managing their leasing in a single solution.”
SAP Lease Administration also provides a single point of entry to collect and validate contractual attributes of leased assets, providing visibility into lease exposure, optimizing global assets portfolio management and supporting accounting processes for more efficient cost controlling and regulatory compliance.
SAP Lease Administration is available in the cloud and on premise.
A global leader in enterprise business solutions for Human Capital Management (HCM) and Finance, Nakisa delivers innovative, forward-thinking and robust human resource and financial management solutions that advance customers’ business strategies. Nakisa solutions are available on premise and in the cloud. Working with a global network of partners, Nakisa serves 800+ enterprise customers and over 4 million subscribers in 24 industries. A member of the SAP PartnerEdge® program for Application Development, Nakisa is one of the few SAP partners offering solution extensions for SAP software, beginning in 2007. Nakisa is proud to work with some of the world’s most renowned brands. For more info, visit:www.nakisa.com
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