Tenants, are you in control of your property lease data?
How prepared are you for the big changes to property lease reporting that are on the way? —
The new accounting standards, IFRS16 and FASB13 will apply after 1 January 2019, and their implementation will significantly increase your data and reporting requirements.
As these new standards will impact EBITDA and Balance Sheets, the need for accurate reporting data and a seamless transition are essential for your business.
So how do you prepare for this change?
3 steps to prepare your property portfolio for IFRS16
1. Understand how
you wil be affected
Ask your CFO and Finance Team how they’re preparing for this change.
2. Audit your lease
Formally assess if the required lease data is complete and accurate – or risk non-compliance
3. Ensure your
Implement a compliant reporting solution that also unifies required data controls
How can LeaseEagle help you prepare for IFRS16?
A fundamental element in preparing for these new accounting standards is ensuring that your business has access to complete, accurate and auditable data sources.
The reality is that spread sheets just will not cut it anymore.
Our LECompliance module fully integrates your existing LeaseEagle lease data with a fully functioned interface for managing the required business assumptions, delivering customers the required statutory reporting data for compliance with the new standards.
Most importantly, when undertaking subsequent measurement the module will proactively alert your finance team to any movements within the portfolio’s lease profile between statutory reporting periods.
- Technical compliance with the new standards and customisable functional capacity and scope to deliver the best solution
- Portfolio management — manage all your properties in one place with a secure, centralised cloud platform
- Reporting & analysis — live customised reporting that is automatic and ensures easy compliance processes
- Payment & financials — auto charging and forecasting, with |FRS compliance tools built in
Powerful, yet easy to use user interface for managing and tracking lease assumptions and calculating all required Balance Sheet and P & L values. Easily track and configure lease profiles and required inputs for all portfolio locations.
LECompliance Module Functional checklist:
|Configure Parameters Of Business’ Lease Compliance Policy|
|Select Applicable Compliance Standard(s)|
|Select Default Transition Method / Date|
|Assign Specific User Access Roles|
|Establish default applicable Interest Rate (%)|
|Establish default treatment of Lease Options|
|Record Business’ Assumptions On A Lease-by-lease Basis|
|Select inclusion of applicable leases|
|Configure dates for calculable ‘DCF period’|
|Define applicable Transition Method|
|Enter applicable Interest Rate (%)|
|Record notes/reasons for assumptions|
|Record applicable Direct and/or Restoration Costs|
|Auditable tracking of User actions|
|Business’ Reporting and Data Exports|
|All Periodic values for Balance Sheet and Profit & Loss — lease by lease basis|
|Reportable periodic values for Balance Sheet and Profit & Loss — All Leases|