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Works Applications Co., Ltd. is pleased to announce that Oiles Industries Co., Ltd. has adopted WAP’s new lease accounting standard compliance solution, “HUE Lease Accounting.” With this adoption, Oiles Industries will steadily proceed with compliance with the new lease accounting standard and will also work to develop a lease asset management platform with a view to group expansion.
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Oiles Industries, a leading manufacturer of bearing equipment and seismic isolation/damping devices, was considering a system infrastructure that could flexibly respond to system changes and business requirements in order to comply with the new lease accounting standards. Initially, they considered building it as a function of their fixed asset management system, but prioritizing cost-effectiveness, they shifted their policy to introducing a system specifically for lease operations. In the selection process, the deciding factors were the ability to integrate with the existing core system, cost benefits, and the fact that it could cover accounting processing, including handling discrepancies between accounting and tax (tax-accounting discrepancies) and re-estimating, with standard functions.
Source: PRTimes
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