Home > Financials > Compliance with IFRS 15 & 16 Regulations
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The following workflows and features support compliance with the following regulations:
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Certain interpretations of IFRS 15 require that expenses incurred following a nomination date of a vessel to a voyage and prior to the start of a performing period are to be capitalized to a balance sheet account and then amortized over the life of the performing period. In this interpretation the nomination date is a specific date when a vessel is nominated to perform a cargo operation and the performing period is from the Start of First Load activity to the completion of Last Discharge activity.
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When the CFGCreateSimulatedAccrualNotifications flag is set to Y, a Create Simulated Notifications button will be present on the Accruals form. Clicking this button instead of the Create Accrual Journals will generate invoice messages to be sent do a downstream system without actually creating the journal in the Veson IMOS Platform.
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When you create Voyage Period Journals, lease line items are included:
Source Code | Bill Code | Description |
|---|---|---|
LCST | COHAD_REVERSAL | A reversal of the Address Commission for Off Hire Amount. |
COMAD_REVERSAL | A reversal of the TC Address Commission Amount. | |
OFFHI_REVERSAL | A reversal of the Running Cost Off Hire Amount. | |
TCHIR_REVERSAL | A reversal of the Running Cost Hire Amount. | |
LEASE_SERVICE | The value of the lease Service component. | |
LEASE INTEREST | The value of the lease interest expenses. | |
LEASE_DEPRECIATION | The value of the lease depreciation. |
Time Charter Lease Tab
On the TC In or TC Out Lease tab, you can set up lease accounting for the contract.
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