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Effective Date: IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted (as long as IFRS 15 is also applied). Configuration Flag CFGTCDefaultLeaseTransitionDate must be defined.
Lease Accounting Business Rules
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To report on leases, in the Report Designer, create a report that includes the Time Charter > Time Charter Lease and/or Time Charter Lease Service Schedule tables.
| Expand |
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| title | Related Config Flags |
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| CFGEnableTCLeaseAccounting | CFGHideTCLeaseInVoyPnl | CFGTCDefaultLeaseTransitionDate |
| Name/Flag | Description |
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Enable TC Lease Accounting
CFGEnableTCLeaseAccounting | When enabled, the TC Lease Accounting functionality is available. | Hide TC Lease in Voyage P&L
CFGHideTCLeaseInVoyPnl | Note: CFGEnableTCLeaseAccounting must be set to Y. Y = Hides TC lease expenses from the Voyage P&L. N (default) = TC lease expenses appear on the Voyage P&L under Financial Profit (Loss). The standard Profit (Loss) section also appears, retaining the operating P&L of the voyage. | TC Default Lease Transition Date
CFGTCDefaultLeaseTransitionDate | Note: CFGEnableTCLeaseAccounting must be set to Y. The default lease transition date to use for Time Charter contracts. |
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