Classic is one of the leading lease evaluation and accounting software packages and is used by all major UK banks.
It enables lessors and lessees to evaluate and structure leases (or similar financing transactions) and to examine the impact of differing accounting methods. It has been fully updated to include all the functionality required for lessees and lessors to account for leases under the new lease accounting standard IFRS 16 (including the IFRS 16 transition options).
There is also a Microsoft Excel add-in that enables the IFRS 16 accounting to be applied to individual leases or portfolios of leases at the click of a few buttons.
Classic Technology was formed in 2004 as a joint venture between David Maxwell and the founders of CHP Consulting (now Alfa Systems) to support the Classic lease evaluation software and to provide specialist asset finance services.
David was a member of the Joint IASB and FASB Working Group which assisted in the development of the new lease accounting standard IFRS 16 and so, as well as being able to provide the tools necessary to carry out the calculations required under the new standard, we are also well placed to provide advice and assistance on the impact and implementation of the new standard.