OVERVIEW OF THE STANDARDS
The new standards for global lease accounting will require the majority of equipment and property leases to be capitalised as assets and liabilities on fiscal balance sheets. In order to avoid regulatory non-compliance and meet the stringent transition deadline, companies must act now if they are to have enough time to prepare their lease portfolios.
Well-known auditors including Deloitte, PwC, Grant Thornton, KPMG and EY have all highlighted the need for companies to turn to integrated lease accounting technologies, such as Innervision’s lease accounting software LOIS, and move away from inadequate and erroneous lease management methods such as spreadsheets and decentralised databases, towards a more centralised and unified approach.
Innervision’s lease accounting and lease management software, LOIS, is the most cost effective and comprehensive solution for compliance on the market today. With integrated, robust BI (Business Intelligence) reporting and advanced lease accounting functionality, LOIS is capable of effortlessly generating the required accounting calculations and producing the necessary comparative balance sheets reports, along with both income and cash flow statements, for either of the new lease accounting standards - IFRS 16 and FASB ASC 842.
