As we ramp into 2020, let’s take a look at what IFRS 16 has meant to you and other businesses.
It is often our experience that C level executives consider IFRS 16 / AASB 16 solely a compliance exercise and as such approach the new standard with a certain reluctance to investing in new systems. Additionally, the complexities associated with IFRS 16 are often overlooked until departments are in the depths of rolling out new business as usual (BAU) practices covering the new standard.
Quadrent, an Australasian leasing and consulting firm with nearly 20 years’ experience, is excited to announce that Marlin Brands, Australia’s leading portfolio of consumer durable brands focused on the living, gifting and convenience sectors, has chosen LOIS as the solution for transitioning to the new leasing standard IFRS 16.
The adoption deadlines for IFRS 16 compliance for organisations is a very real and imminent reality, meaning trillions of dollars’ worth of operating lease commitments will now appear on balance sheets across the world. The new guidance arose with the intention of improving on the financial reporting of all lease transactions, including the leasing of aircraft, property and equipment but it does leave CFO’s with the situation of meeting the accounting standard in a timely way.