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:
Quadrent is Australasia's leading and most trusted equipment financier and lease portfolio software provider. We enable you to deliver your technology solution via a leasing structure, and manage and report on your lease & asset portfolio for compliance with IFRS 16. Find out more about our services.
LOIS provides you with a consolidated view of all leases within your business structure and full IFRS 16 compliance, whether it be one entity or a global corporate. LOIS refers to Quadrent’s Lease Optimization Information System, which is a fully integrated portfolio and asset management tool for all your IFRS16 lease accounting compliance. We operate it under a master agreement. Plus, we’re the only supplier in Australasia. Read more about LOIS.
If you're interested in understanding more about IFRS 16 Compliance and LOIS, here are a couple of resources we can provide:
- Read more about IFRS 16 considerations and COVID19.
- Read about LOIS features and benefits and the clients that are already on board with us
- Explore the pros and cons of using spreadsheet applications such as Excel for the transition to IFRS 16 with this short whitepaper (15 minute read).
- Let our recent survey results from LOIS customers demonstrate the value of the product (3 minute read)
- Understand the pros and cons of leasing business assets with our whitepaper (15 minute read).
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