Local GAAP is mandatory for all companies classified as large. This includes companies that have:
Once two of these criteria have been fulfilled two years in row, companies are considered to be large in the third year.
Local GAAP is fundamentally based on IFRS for small and medium-sized companies, but is simplified compared to IFRS, which listed companies must follow. Most areas are very similar and differ only slightly from IFRS, though differences do exist where leasing is concerned.
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All necessary information for local GAAP can be used in a smarter and significantly more modern and dynamic ways – profitably and effectively.
Leasify’s service was developed based on input from many of our 1,900 customers and through workshops with large auditing firms on the Swedish and global markets.
Leasify’s service was developed based on input from many of our 1,900 customers and through workshops with large auditing firms on the Swedish and global markets.
All it takes is 15 minutes for us to show you how easily Leasify helps your company get control over your IFRS 16 reports. Complete the form with your desired time, and we will reply with a meeting invitation. The meeting takes place online through Microsoft Teams or whatever video platform you prefer.
If you do not wish to book a demo, you can still use the form and ignore the date and time selection.
The reason for this is that the legal entity is liable for taxation and reports expected tax, which for leasing is calculated on the difference between assets and liabilities. Under local GAAP, only financial leasing contracts are recognized on the balance sheet, while operational leasing contracts are recognized only as future cash flows in the note for the total of fees payable within 1-12 months, 13-60 months, and 60+ months.
Successive income recognition means that companies that have sold a "project,” such as a property, must distribute the revenues as the project progresses and not 100% on day one, for example.
Component depreciation means that there are rules for certain properties as to how similar parts can be depreciated, depending on how the expected lifetime differs between the various parts. In real estate, for example, roofs have a different depreciation period than electricity.
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