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Dynamics 365 Community / Forums / Microsoft Dynamics NAV (Archived) / IRFS 15 & 16
Microsoft Dynamics NAV (Archived)

IRFS 15 & 16

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Posted on by alaadin_75 1,437

Hello,

Is NAV2018 supports the new IFRS 15 & 16 standards out of the box or if they need to customize this?

IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018

The new leases standard – IFRS 16 – will require companies to bring most leases on-balance sheet from 2019.

Thanks.

NAV2018 supports the new IFRS 15 & 16 standards out of the box or if they need to customise this?

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  • Hannes Holst Profile Picture
    Hannes Holst 5,767 on at

    Hi alaadin_75,

    Which country/countries are affected by these regulations?

  • alaadin_75 Profile Picture
    alaadin_75 1,437 on at

    Hi Hannes,

    Assuming it's Germany.

    Thank you

  • Hannes Holst Profile Picture
    Hannes Holst 5,767 on at

    Hi,

    To be honest, never heard of it in NAV-world. And I know why (after a little reasearch).

    IRFS is basically a framework how to treat contracts legally and to manage the contents.

    As the rules are more orientated on how you (as a person) treat your contracts, NAV doesn't deliver any additional functionality for this. It's just the question how you use the ERP-system.

    Here you'll find information about the German local functionality:

    docs.microsoft.com/.../germany-local-functionality

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