Commercial Real Estate Management
International Financial Reporting Standards (IFRS) brings along with it a change in how an organization should account for leases, i.e. by reporting them in company balance sheets.
These changes are much more than just accounting changes, the implications are deep within and widespread throughout the process of buying and leasing including financial reporting. Organizations are now adopting new methodologies, tools to systemize and control the changes.
The usual and customary data maintenance for lease accounting in spread sheet may no longer help the organizations as it does not:
With the inclusion of lease accounting in company balance sheets, there might be an increase in inaccurate statutory reporting and even risk of regulatory noncompliance.
The SAP Real Estate Management product is used to optimize the portfolio of global asset management and also support the regulatory compliance of these new accounting standards. SAP RE-FX provides with a single point of entry for all the lease related data collection, validation, accounting calculations and even financial postings.
With the help of SAP Real Estate Management: