Quadrent, providers of the LOIS SaaS lease accounting platform, are pleased to announce that Australia’s largest construction materials supplier Boral has signed with the LOIS solution for the transition to the IFRS16 accounting standard for its Australian operations.
As a highly complex business, Boral intends to use LOIS’ feature rich functionality to enable simple yet effective management of property, fleet and equipment leases while still maintaining a full and complete GL functionality with minimal disruption to current business process.
Quadrent is excited to be working with Boral on its LOIS implementation, especially with the volume of leases and desire to build an efficient process. Quadrent intends to use the intuitive functionality within LOIS and ease of large data loads via Excel to ensure Boral can be up and running quickly.
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.
LOISlite is a cost effective IFRS 16 / AASB 16 solution that negates the need for internal resource and a full system, while still using a proven platform. Find out more here.
If you're interested in understanding more about IFRS 16 Compliance and LOIS, here are a couple of resources we can provide: