#Japan #Tokyo #Lease Accounting #ProShip #IFRS Standards

Proship Launches Support Content for New Lease Accounting Standards

On September 13, 2024, the new lease accounting standards will be published, prompting companies to prepare effectively for compliance. Proship, a Tokyo-based company, has initiated a new service aimed at helping businesses organize their operational requirements before system implementations. This content is crucial for effectively navigating the complexities of the new lease accounting standards, which align with the previously implemented IFRS 16.

Importance of Policy Organization

The new lease accounting standards are modeled after IFRS 16, which has been in effect since 2019. As companies prepare for this new framework, the experiences of those who previously complied with IFRS 16 can offer valuable insights. Proship has supported over a hundred clients in their IFRS 16 initiatives. Common issues faced during these projects often stem from inadequate organization of accounting issues and new business processes before system implementation. When companies rush these preliminary steps, they may encounter unnecessary rework, such as re-evaluating journal entries and business processes, ultimately complicating the system's implementation.

Given the critical nature of this policy-organizing phase, many companies opt to either hire external advisors or develop their strategies in-house. Recognizing this demand, Proship has leveraged its extensive experience to create a self-assistance content resource designed to support companies in implementing their policies independently.

Features of the New Service

1. Unique Content Developed by Proship: The service includes various multimedia resources such as videos, documents, and explanation pages to help comprehend the intricacies of the new lease accounting standards.
2. Consolidated Know-How from Over 100 IFRS Adoptions: Drawing from rich past experiences, the content highlights effective responses to common challenges, facilitating a streamlined and less burdensome approach to compliance.
3. Cost and Labor Reduction in Policy Organization: By harnessing Proship's expertise, companies can enhance the efficiency of their policy organization process, thereby minimizing the time and personnel costs associated with these efforts.

Practical Examples of Service Utilization

For instance, the service includes a Main Issues Organization Table, which is instrumental when formulating accounting policies by outlining critical discussion points between a company’s representatives and their accountants. Utilizing this table enables smoother preparations by increasing understanding of major issues through comprehensive summaries and special explanation pages. This organization table facilitates a deeper comprehension of current states within the company and helps in evaluating response strategies.

Companies can also explore other businesses' cases to benchmark their strategies and gain insights through Q&A collected from past seminars. Furthermore, the content allows companies to evaluate implications on their operations and systems, ensuring the risks of needing revisions during implementation are minimized.

Cost of the Service

The service is provided free of charge to ProPlus users, including those contracted under the new lease accounting impact estimation solution.

Upcoming Webinars and Registration

Proship is also hosting a series of webinars designed to assist organizations in navigating these new standards effectively:

• - Webinar on New Lease Accounting Standards Organization: Scheduled for June 19, 2025, from 13:30 to 14:30. Details and registration available at Proship Webinar.
• - Webinar for Resolving Key Issues: Scheduled for June 12, 2025, from 13:30 to 14:30. Visit Proship Webinar for more information.

Conclusion

For businesses preparing for the application of new lease accounting standards, Proship's innovative content and services represent a comprehensive solution. With over 40 years of experience in the fixed asset field, Proship stands firm in its commitment to provide state-of-the-art solutions and technologies to ensure compliance and organizational efficiency in accounting practices.

For more information about Proship, visit their website or reach out via contact. Additionally, for a detailed guide on the new lease accounting standards, check out this resource.