It’s here - CARS for IFRS 16 Leases! We are pleased to announce that the 2020 release of CARS was released on 20th December 2019. Version 2.19.0 (or above) has been updated for all English NHS Trusts and Foundation Trusts, as well as organisations in Wales and Scotland.
We have rolled out to our users the latest version of CARS, containing a full Lease Register. As far as we know, CARS is the only NHS specific product on the market, complying fully with DHSC/Treasury Guidance. Used in tandem with our Fixed Asset Register, our Lease Register has now been made available to assist with your January 2020 return. CARS will continue to be updated to reflect reporting requirements as they are released, and we believe is the best product on the market for any NHS organisation looking for Lease Register software for their 2020/2021 accounts.
CARS will apply the correct treatment for the migration of Finance and Operating Leases. It accounts for IFRS 16 Leases, Short Term Leases, Low Value Assets and Peppercorn rents. Future releases will introduce accounting for variable lease payments, rent-free periods, reassessment of lease liability and terminating leases.
This demonstrates why CARS remains the best Capital Accounting software for NHS Accountants. We do the hard work for you - so you don't have to - saving you time and money. No other software is written specifically for NHS Accountants, and no other software provider reacts as quickly as Nuesoft when new functionality is required!