In the world of accounting, a spreadsheet is like a family member – something to rely on, something to trust, something to cuddle…well two out of three isn’t bad. Spreadsheets are a fundamental part of our accounting environment, but today we would like to look at some of the reasoning why the utilisation of just spreadsheets for such a business-critical task such as IFRS 16 compliance might be akin to reverting back to the classic blackboard and could possibly open your business up to risks that can be easily mitigated when using a specialised lease accounting system.
We often get asked - why would we lease? Especially from large Corporates who argue cheap debt is one their perks. The answer may surprise you.
LOIS and Quadrent are an official Keynote Sponsor at the CPA Congress this October in Auckland and Melbourne.
If you have over 100 leases the experts are saying that you will need a leasing system for compliance to IFRS when transitioning to IFRS 16. The complexities involved in data collection and reporting are too complex to be done in Excel.
Check out the new look and feel of our relaunched our LOIS website!