IFRS 16 Leases LOIS Transition Approach

Financial statements, Quality or not?

By Thelma Welgemoed Aug 2, 2018 8:25:56 AM
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In June 2018 the FMA issued a report “Improving financial statements”.  This was a follow up on the December 2014 Report: Quality Financial Reporting – How to Improve Financial Statements. The level of change in financial statement of the NZX50 varied substantially.  Entities considered focusing content on what was most important, changing the layout to improve clarity and removing irrelevant information. For the full report click here.

FMA Reporting 2018

As entities approach the next round of reporting, it will be important to focus on providing investors clear information on their transition to IFRS 16.  Most entities who have started their transition plans are finding data collection to be a primary concern. Suitable tools to perform robust modelling of different scenarios is another key challenge. In many instances Excel has not been a suitable tool.

Quadrent’s accounting software, LOIS, is the most cost-effective way for companies to manage their lease portfolios and transition to the new accounting standards. The solution is a hassle-free lease accounting software that delivers all the transition tools and functionality needed to extract, validate and report on all the critical lease data required for full compliance with both IFRS 16 and ASC 842.  

Companies that use LOIS to manage and enhance their lease portfolio are able to produce all the accounting information required to accurately complete the financial statements obligatory for compliance. LOIS will also generate the complex calculations and transition options for you with ease.

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