IFRS 16 has changed the reporting landscape for organisations entering into a leasing arrangement. As the first reporting periods after the implementation of IFRS 16 approaches, some businesses are waking up to the fact that the transition to IFRS 16 is no easy feat, and could have long-lasting ramifications on the business.

So what are the problems organisational finance teams should be aware of, and what is the solution?

Ongoing problems with good IFRS 16 governance

In our experience working with clients on IFRS 16 compliance, we’ve had a number of recurring questions centred around two key problems:

Choosing the right transition strategy for IFRS 16 and IFRS 16 maintenance – IFRS 16 is not ‘set and forget’.

How BDO can help

The experts here at BDO Australia are well-placed to help your organisation with IFRS 16 on both a technological and advisory front.

BDO LEAD

This is our cloud-based lease management solution available to Australian businesses that require help managing the complexities around the new leasing standards. It has a simple user-friendly data input interface designed to make migrating to IFRS 16 easier, able to store thousands of leases at a time - and running all the necessary calculations in the background. Users can quickly analyse all their documents based on certain criteria, track changes and reassess leases.

View a demonstration and further information on BDO Lead.  

BDO Lease Management Services (Outsourcing of your lease accounting)

If you desire, we can manage IFRS 16 compliance on your behalf, migrating your information to BDO Lead, liaising with your team to keep lease arrangements updated, and provide monthly journals to keep you apprised of all relevant business information. This takes the hassle away from you and your team, allowing you to do what you do best while we handle the complexities.

View further information on BDO Lease Management Services.