With the new IFRS 16 Standard having come into effect from January 2019, this has for many organisations resulted in increasingly complex lease accounting processes. Adopting this new standard as well as maintaining compliance is a complicated process where new procedures, policies, and systems must be set up.
The best way to ensure your organization’s long-term compliance is to make sure you’re using the right lease accounting solution.
iOCO in Partnership with CCH Tagetik provide an automated Lease Accounting Solution that allows you to easily manage volumes of leasing data by providing data collection, calculations, reporting and disclosures.
IRS16 is a new accounting standard to deal with the calculations and reporting of operating leases.
Though the IFRS 16 compliance or effective date for companies has come and gone, this doesn’t however mean that lease accounting compliance is any less of a burning issue. The sheer need to ensure continued compliance is more like a raging fire as many organisations are still discovering the amount of work needed to achieve compliance.
Let us help you navigate a path to a simplified approach to your long-term IFRS 16 compliance.
Key Solution Capabilities
- Load and map from internal and external data sources
- Data Repository
- Data validation and controls
- Preconfigured data model
- Predefined Chart of Accounts & double entries logic
- Preconfigured and extendable calculation logic
- Reporting and Disclosures
- Journal entries export
- Process Workflow management
- Asset level analytical reporting
- Audit Trail
Automate your IFRS16 Compliance and leave more time to focus.
- Pre-built solution wit the flexibility for your specific requirements
- Easily integrates with your existing architecture and is owned and maintained by Finance
- For all Lease types from Real Estate to Fleet, equipment, etc.
- Handles Lessee, Lessor and subleasing
- Visualize and Analyse your data with full disclosure and reporting for IFRS16