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 has been postponed to 1 April 2021.
As the public sector deadline looms, the private sector looks for more efficient ways to manage their IFRS 16 obligations.
How do we help?
We have developed a sophisticated lease management software solution called LS2, which has IFRS 16 at the heart of its core capability. LS2 can help organisations with adoption of IFRS 16 by providing 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, reflecting these in the disclosure outputs.
The key features of LS2 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 IAS 17 and IFRS 16
- Ability to simulate the impact of using discount rates
- 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 LS2 lease management and accounting software.
Complying with IFRS 16.