The requirements of IFRS 16 – specifically the need to re-examine all leases within the organization, ensure compliance across the board, identify embedded leases, and stay on top of any changes to existing leases – mean that organizations have had to completely re-look at the way they manage their leases, and in particular how they account for such leases.
Many accounting teams assumed they could continue to relate to their leases the way they had done under IAS 17, with a few adjustments. With the full force of IFRS 16 coming into effect, this approach is quite clearly no longer viable.
With so much more resources required to ensure compliance with IFRS 16, what’s the answer for already-stretched teams with seemingly yet another hoop to jump through on the way to a clean audit?
The secret lies in automation. Automation is the ideal answer for professionals wanting to ensure compliance while minimizing errors; and avoid manual, time-consuming, and resource-draining work.
In this eBook we’ll examine what automation really means for IFRS 16 compliance, including best practices, and what the very best lease automation software solutions can offer your business.