IFRS 16

We can help you implement IFRS 16 in a cost-effective way.

Who are we?

We are part of a market-leading provider of technology-enabled administration solutions with over 6,000 employees working across the globe.

Our market leading treasury team works with both UK public sector and corporate clients providing treasury management, asset financing and lease advisory services.

What is IFRS 16?

IFRS 16 requires lessees to adopt a single lease accounting model. This means lessees must recognise nearly all leases ‘on balance sheet’, with a term of over 12 months, and recognising a right of use asset and a lease liability. For significant users of Operating Leases, this change is material.

Although IFRS 16 became effective for annual reporting periods beginning on or after 1 January 2019, for public sector bodies applying the Financial Reporting Manual (FReM) it was adopted on 1 April 2021. For local authorities (including police and fire authorities) the adoption of IFRS 16 occurred on 1 April 2024

How do we help?

We have partnered with House of Control to deliver a sophisticated lease management software solution called Complete Control, which provides lease portfolio management, accounting compliance and a broad range of functionality and reports to fully address transition and ongoing reporting.

The technology provides a cost and time-efficient web-based central database for all contracts that contain a lease and other associated contracts. It makes all the required calculations to efficiently manage the adoption of IFRS 16, and provides the ability to track judgements and elections taken.

The key features of Complete Control include:

• A central system to practically manage your organisation’s leases and accounting requirements
• Multi-user access with the ability to provide read/write access, depending on the need
• Audit trail of changes
• Ability to store copies of contracts
• Lease accountancy under IFRS 16
• IFRS 16 lease transition impact reports
• Ability to quickly apply IFRS electives
• Cloud-based storage with all data stored in the UK

Please contact us for more information on how we can help you implement IFRS 16, or a demonstration of the Complete Control lease management and accounting software.