![]() Nameįor this example, a lease has been created that has the following settings on the General and Payment schedule lines tabs. The statutory reversal book is set up in the same way as the statutory book. This book won't produce a right-of-use (ROU) asset or lease liability. ![]() The statutory book is a cash-basis book where the company will account for the lease expense as the amount of cash that is paid each month for rent. All entries that are posted in this book will be posted to a custom layer. The IFRS 16 book is set up so that it complies with the IFRS 16 accounting standard. The books are set up as shown in the following tables. One book is required for IFRS 16, one book is required for statutory requirements, and one book is required to automatically reverse statutory postings. The company must establish three books to account for both the Italian statutory requirements and the IFRS 16 requirements. The following example accounts for a lease under Italian statutory reporting by using both the cash-basis method and IFRS reporting methods. ![]() Familiarity with posting layers in Microsoft Dynamics 365 Finance is required and will make the example easier to understand. This article guides you through an example that shows how you can fulfill the requirements for both International Financial Reporting Standard (IFRS) reporting and statutory reporting in Asset leasing. ![]()
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