IFRS 16 Lease Accounting
Leasing is a critical element in your company’s accounting strategy — have you thought about the way in which the IFRS 16 lease accounting changes could impact your organization?
At Visual Lease, we understand that leasing as a financing solution allows companies to use property and equipment without large up-front costs. We also know that changes in the regulatory environment, including that for the IFRS 16 leasing standard, can make lease management and tracking more difficult for clients in all industries.
Lessees stand to experience a major impact because of these new rules, and companies need access to reliable IFRS 16 transition options. With Visual Lease on your side as your lease management and accounting system, you can limit the organizational impact of these regulatory changes.
Proactive planning for IFRS 16 lease accounting changes
Companies with a large number of leased items — including property, equipment, vehicles and technology — are most likely to be significantly affected by the IFRS 16 leasing standard. The sweeping scope of these changes will include all contracts that convey the right to use a specific asset for some specified time period in exchange for a consideration. These can even impact non-traditional lease agreements such as:
- Licensing for films and media
- Leases of biological assets
- And, even oil and gas leases
How is your team preparing for the changes in interpretation of lease documents? Your large corporation would likely benefit from establishing a transition team, but you may also benefit from outside help. Technology solutions like Visual Lease help companies manage their diverse lease holdings, all while complying with reporting requirements in our ever-changing environment.
Visual Lease gives you the ability to draft custom reports, quickly access and analyze your data and review contracts with ease. Even better, our real estate experts can help you evaluate contracts, spotting the key details that other vendors may miss. With more than 350 satisfied clients worldwide, Visual Lease is the trusted partner for IFRS 16 lease accounting transitions. Ready to get started? Click today to schedule a call and learn more about your options with Visual Lease.