IFRS 16: The complete lease accounting solution for energy companies

By April 2, 2018 June 14th, 2021 No Comments

The new accounting standard for leases is happening and it will impact your balance sheet. Quadrent delivers a best-of-breed, Cloud-based lease management system that will cost-effectively manage both your transition to IFRS 16 and ongoing lease portfolio.

With every threat comes an opportunity. IFRS 16 also provides Energy companies with the chance to take a fresh look at the management and efficiency of their existing asset base. Quadrent’s lease accounting system, called LOIS, makes this an opportunity to both model the impacts of and correctly implement IFRS 16, while using the new standard’s exemptions to minimise balance sheet drain. Done right, the approach taken to the new standard will minimise disruption to investment programmes, enhance asset management, reduce administration and improve balance sheet efficiency.

LOIS delivers all the transition tools and functionality needed to extract, validate and report on the critical lease data required for full compliance with IFRS 16. By loading your lease information onto LOIS, you’re easily able to evaluate your entire portfolio and identify what leases are impacted by the new standards.

LOIS can function as a stand-alone system or integrated to many ERP’s. It’s Cloud-based, so it’s easy to track, organise and maintain accounting compliance for all your leases from one unified platform. You’ll also have much greater visibility of your entire lease portfolio, so modelling the impact of the new standard is simplified.

LOIS tackles the more challenging aspects of lease accounting compliance with an array of features, tools and automated processes that make confronting even the most complex lease portfolios simple. Find out more about LOIS by downloading the whitepaper: