AASB 16 and NZ IFRS 16 Lease
Accounting Compliance Handbook
How to comply with the IFRS 16 lease accounting
changes while driving savings
Download handbook to learn:
- Summary of the IFRS 16 rules
- The data and documents you’ll need to collect to comply
- Required lease accounting software changes
- Real world accounting examples
Start the process today.
Why start now
The first effective dates for the international lease accounting standard, IFRS 16, were in January 2019. The compliance standard requires that all leases be reported as finance leases unless the lease term is less than 12 months or the value of the lease is less than US$5000. The on-balance sheet requirement of the standard created an implementation challenge for many companies. The challenge is exacerbated for companies with large equipment leasing portfolios because equipment leasing programs are typically decentralised, making it difficult to track down the data needed to comply with IFRS 16 and other lease accounting standards.
Download the IFRS 16 Lease Accounting Compliance Standard handbook to learn more about IFRS 16, the effects the standards will have on your business, how to staff and budget for the implementation project, and what to look for in lease accounting software.
To comply, companies must:
Learn the technical accounting and make policy judgements
Collect lease accounting data and supporting documents
Implement lease accounting and administration software
Case study
Cummins Inc.
Implementing a best-in-class global leasing program
Compliance – Cummins Inc. successfully transitioned to lease accounting software to maintain compliance with the lease accounting standards.
Visibility – With all of the company’s leasing data centralized in a single repository, Cummins’ leasing program is now quantifiable, reportable, and manageable.
Cost Savings – Cummins achieved the CFO’s goal of fixing the process as well as the Treasurer’s goal of cost savings by identifying the most cost-effective contracting mechanisms.
