IFRS 16 – Lease Accounting

By January 2019 many companies will need to implement IFRS 16 for Lease Accounting – which sets out new principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. Legerity FastPost is the modern and effective alternative to traditional lease management systems, which cannot offer the detailed accounting rules, calculations and multi-GAAP processing required by IFRS 16. Empowering firms with a non-disruptive solution that fully supports lessee and lessor accounting requirements – fast-tracking the implementation of IFRS 16.

Data

Designed to support high volumes of granular data and capable of holding hundreds of thousands of leases. Disparate data sources are integrated quickly through a standardised interface, resulting in a single and accurate repository of lease detail – normalised in a uniform format that can be extended across an organisation.

STRUCTURES

The structure and accounting scenarios of leases can be complex: multi-entity, multi-GAAP and multi-currency must all be handled. FastPost’s data model meets the most demanding levels of lease accounting complexity. The system supports both the full retrospective and cumulative catch-up approaches to cater for the period of transition.

AUDIT

IFRS 16 requires judgements and decisions to be made across the accounting process. This new accounting standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. FastPost’s approach is consistent, traceable and has a full audit trail to illustrate adherence.