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.
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.
Quadrent is Australasia's leading and most trusted equipment financier and lease portfolio software provider. We enable you to deliver your technology solution via a leasing structure, and manage and report on your lease & asset portfolio for compliance with IFRS 16. Find out more about our services.
LOIS provides you with a consolidated view of all leases within your business structure and full IFRS 16 compliance, whether it be one entity or a global corporate. LOIS refers to Quadrent’s Lease Optimization Information System, which is a fully integrated portfolio and asset management tool for all your IFRS16 lease accounting compliance. We operate it under a master agreement. Plus, we’re the only supplier in Australasia. Read more about LOIS.
If you're interested in understanding more about IFRS 16 Compliance and LOIS, here are a couple of resources we can provide:
- Read more about IFRS 16 considerations and COVID19.
- Read about LOIS features and benefits and the clients that are already on board with us
- Explore the pros and cons of using spreadsheet applications such as Excel for the transition to IFRS 16 with this short whitepaper (15 minute read).
- Let our recent survey results from LOIS customers demonstrate the value of the product (3 minute read)
- Understand the pros and cons of leasing business assets with our whitepaper (15 minute read).