Transfer to the new standard
Existing lease contracts based on the IAS17 standard can be converted to the new IFRS16 standard.
For doing so, you can use the Transfer to new standard action on Contracts level.
Precondition
• You must have defined a transition definition (see Defining a transition definition ).
• The transition definition must be linked to an amount (see Linking a transition definition to a contract line).
 | If you want to convert an IAS17 finance lease contract to the IFRS16 standard based on a modified retrospective (MR) transition, you must use the MR FR - Modified retrospective with right of use based on full retrospective transition method in Planon. For more information, see Transition from IAS 17 to IFRS 16. |
Procedure
1. Go to the Contracts selection level and select the contract.
2. Click the Transfer to new standard action.
A new amount will be available. (Check the Contract line commitment system report to view the modified accounting standard).
3. On > > set the amount to Active.
Activate the amount in the month preceding the accounting standard transition.
 | When transitioning to a new accounting standard, the offset fields in the new transitioned line are cleared. |