The new IFRS 16 Leases Standard is coming.
Are your processes and systems prepared?
The IASB published the new lease accounting standard IFRS 16, which is applicable for financial periods beginning on or after January 1st 2019. As the majority of companies use some kind of leasing they will be affected by this standard. Most operating leases, previously off balance sheet, will have to be brought on to your balance sheet going forward. There will be a gross up of the balance sheet which might affect your company’s financial values.
IFRS 16 adds a lot of complexity to existing leasing processes and contract management systems. If you want to learn more about the standard and the challenges, we would be glad if you check our Leasing Solution page: