Everything your company needs for its local GAAP reporting

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What do the regulations mean for local GAAP?

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 have very small differences compared to IFRS, but in leasing, there are differences.

Do you want help with local GAAP reports?

With only a few quick clicks, Leasify’s service can provide you with a basis for your accounting.

All necessary information for FRS 100 can be used in a smarter and significantly more modern and dynamic way – profitably and effectively.

Leasify’s service has been developed in collaboration with several of our 1,900 customers and through workshops with large auditing firms on the Swedish and global markets.

Want to learn more about how Leasify can help you with FRS 100 reports? Book a demo or contact us.

Leasify – a leasing ecosystem

Contact Leasify for more information about local GAAP reporting or schedule a demo

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. 

Why Leasify?​

Negotiate leasing and rental contracts through Leasify’s authorized market-leading suppliers. Leasify is a resource-efficient service that helps companies present clear and transparent offers. All starting from your specific terms and needs.

Compare suppliers

Leasify matches your needs with transparent offers from different suppliers. They contain contract term, interest rate, monthly cost, and residual value. All to make it easier to compare.

Lease from the market's leading suppliers

Lease new products and services from market-leading providers with dependable references. Leasify makes the procurement process easy. We bring you the offers, and you make the decisions.

Organise your contracts digitally

Compile all of the company’s contracts in Leasify’s smart contract folder. Leasify runs a cost analysis of your contracts, highlights deficiencies and gives you control.

More about local GAAP

Deferred tax under local GAAP

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 recognised on the balance sheet, while operational leasing contracts are recognised 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 under local GAAP

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

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 to electricity.

Guide K3

Ladda ner vår guide till korrekt K3-redovisning

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