The International Accounting Standards Board (IASB) issued IFRS 16 Leases, which requires lessees to recognise assets and liabilities for most leases. For lessors, there is little change to the existing accounting in IAS 17 Leases. The new standard will be effective for annual periods beginning on or after 1 January 2019.
Ministry of Corporate Affairs (MCA) in India has notified Ind AS 116 Leases on 30 March 2019. The new leasing standard is applicable to all Indian companies complying with Indian Accounting Standards (Ind AS) for annual periods beginning on or after 1 April 2019.
LeazeOn is an end-to-end lease administration and accounting software for IFRS 16 and Ind AS 116 compliance requirements. It provides automated solution for transition accounting, handling large volumes of leasing contracts, reporting and disclosure requirements.
Companies all around the world lease properties and other assets ranging from corporate offices, retails stores, vehicles, aircrafts, ships, manufacturing equipment etc. Changes to the lease accounting standard have a far-reaching impact on lessees' business processes, systems, controls and accounting. It is almost impossible to work around lease accounting using spreadsheets because of complex accounting relating to transition options, practical expedients, frequent remeasurements and modifications. LeazeOn provides automated solution to address all these issues and achieve your objectives.
If your organisation has more than handful of leases and wants to be better prepared for lease administration and accounting, book a demo with LeazeOn.