#Japan #Lease Accounting #Chiyoda, Tokyo #ProShip #ProPlus

ProShip's Future Support Project: New Lease Accounting Challenge 1100

ProShip, a leading company based in Chiyoda, Tokyo, has recently announced the launch of its initiative called the "Future Support Project: New Lease Accounting Challenge 1100." As the new lease accounting standards will be enforced in April 2027, this project aims not only to assist companies in adapting to these changes but also to make a significant social contribution.

Background

Starting in April 2027, publicly traded companies and large corporations as defined by Japanese corporate law will be required to comply with new lease accounting standards. A primary change under these new regulations requires companies to report both usage rights and lease liabilities on balance sheets, a shift from the previous practice of off-balance-sheet accounting for operating leases.

This transition poses several complexities, including the identification of lease contracts, estimation of lease terms, and the establishment of a centralized management system for extensive contract data. ProShip, currently holding a strong customer base of over 5,500 companies, considers it a social responsibility to adequately respond to this unavoidable compliance demand.

Overview of the ProShip Future Support Project

This initiative introduces a framework of Cause Related Marketing, where ProShip's business activities directly contribute to social welfare. The flagship product, the "ProPlus" series, has been renowned for addressing the intricate demands of lease accounting for over 25 years, making it the leading solution compatible with global consolidated management.

Through this project, ProShip aims to create a virtuous cycle where its fundamental philosophy of "Speciality for Customer" aligns with social contribution activities, ultimately driving the creation of social value.

Project Details

• - Project Name: ProShip Future Support Project - New Lease Accounting Challenge 1100
• - Duration: Until December 31, 2027
• - Objective: Solve issues related to the new lease accounting standards for 1,100 companies.
• - Activity: For every project received, 10,000 yen will be set aside, targeting a total contribution of 11 million yen.
• - Donation Recipient: Japanese Red Cross
• - Donation Timing: Expected in March 2028

ProShip will regularly report its progress throughout the project period on its corporate website. Upon achieving the final goal of 1,100 projects, the company intends to donate a total of 11 million yen to the Japanese Red Cross.

Supporting the Transition to New Lease Accounting Standards

This new lease accounting standard is similar to IFRS 16, which began implementation in 2019. ProShip has established an impressive track record in adapting to the current standards and tax regulations since April 2008. The company boasts over 100 projects responding to IFRS 16, ensuring extensive expertise is available to assist clients in managing the new complexities effectively.

Seminars Related to the New Lease Accounting Standards

ProShip hosts various seminars ranging from overview sessions to in-depth discussions on solutions needed for compliance with the new lease accounting standards. Clients are encouraged to participate based on their individual circumstances, with details available on the corporate website.

New Lease Accounting Impact Estimation Solution

ProShip offers a "New Lease Accounting Impact Estimation Solution" via SaaS, developed on the basis of requirements reflected in IFRS 16, providing precise calculations beyond simplified estimates, assisting clients prepare for the new standards.

Total Support with ProPlus+

"ProPlus+" leverages knowledge gained from IFRS 16 to provide comprehensive support for the new lease accounting standard and tax regulations. With an extensive history of over 100 compliance instances, ProShip ensures clients receive thorough support from initial organization through system installation and operation.

About ProShip

Founded on the principle of "Speciality for Customer," ProShip excels in providing specialized services in fixed asset management. Its flagship package, the "ProPlus" system, has been adopted by over half of the major companies across various industries, adding up to over 5,500 entities. ProShip is poised to deliver its unique brand of value to companies worldwide well into the future.