In January 2016, the International Accounting Standards Board issued a new financial reporting standard on leases (IFRS 16) which requires...
Classic Technology provides specialist asset finance services and supports the Classic lease evaluation software, which is one of the leading lease evaluation and accounting solution packages in the UK.
Classic accounting and lease evaluation software
Classic enables lessors and lessees to evaluate and structure leases or similar financing transactions, as well as examine the impact of different accounting methods. It has been fully updated to include all the functionality required for lessees to account for leases under the new standard IFRS 16.
The software solves any lease parameter and combines the ease-of-use of a specialist package with spreadsheet-style flexibility, making it one of the most sophisticated lease evaluation packages on the market.
Classic has been designed to handle all tax and accounting aspects of leasing, and will produce a wide range of reports for individual or portfolios of leases.
Classic Add-in reporting software for Excel spreadsheets
The Classic Add-In enables end-users to produce accounting reports for a portfolio of equipment or property leases, ranging in size from a handful to several thousand leases.
As long as the lease details for portfolios are within or can be copied to an Excel workbook, the add-in can determine the complete accounting required.
It can handle complex rental patterns and carry out the transition from IAS 17 to IFRS 16 under any of the IFRS 16 transition options, as well as handle changes over the life of the leases both before and after transition. These include alterations in the lease term, payments, impairments, and modifications.
Reports such as cash flows, income statements and balance sheets can be produced in summary form or broken down by lease, and can be produced monthly, quarterly, half-yearly or annually.
Sensitivity analyses can also be carried out to show the impact of changes in the discount rate and different transition options through graphs.
The Classic Add-in provides clients with a standard template for providing information to their customers and allows lessees to perform the calculations for their accounts, as well as assist them in determining appropriate accounting policies.
Specialised accounting advisory services
Classic Technology provides specialist consultancy services, covering advice on evaluating leases and other asset finance transactions, as well as accounting-related solutions.
The company provides support on the impact and implementation of IFRS 16, including:
• Staff training
• Assisting with the collection of data required to implement IFRS 16
• Assisting with assessing the impact of options etc in the leases
• Evaluation of differing accounting options to enable a company to reach a decision as to the most appropriate accounting policies to adopt
Classic Technology history
Classic Technology was founded by David Maxwell, who created the Classic lease evaluation software. Throughout his career, he has specialised in leasing and asset finance, providing advice for accounting and evaluation across the complete leasing spectrum.
David is an expert in advising and assisting with the implementation of IFRS 16 and its possible impacts, having been a member of Joint IASB and FASB Working Group, which both helped develop the standard.
He is a regular contributor to leasing publications, as well as a respected conference speaker and course lecturer.