Solutions

IFRS 16: Advisory Services, Accounting Advice and Implementation

Time to Act Now

IFRS 16 Leases was adopted in January 2016 and is mandatory as of 1 January 2019. 

This standard may have significant implications for you such as:

  • It can materially change the balance sheet and the profit or loss statement.
  • More information will be required than is currently available to many companies.
  • Significant resources and improvements to existing IT systems may be required.
  • Important decisions on a number of standard provisions will have to be made at an early stage.
  • It will effect many internal functions, such as - accounting, financial, analytical, treasury (covenants),  HR (compensation schemes).
  • New opportunities to review the lease strategy will arise as well as a chance to review the approach to the lease business process management.

10 key questions companies should ask themselves:

  1. Do I know which agreements are lease agreements in accordance with IFRS 16?
  2. Can my IT systems and processes accumulate all the information on all lease agreements required for the application of IFRS 16?
  3. Can IT system provide information for the required ongoing assessment of lease agreements?
  4. Have you considered the applicability of exemptions and practical expedients?
  5. Have you chosen transition method to IFRS 16?
  6. Have you decided on which IT solutions to use to implement the IFRS 16?
  7. Have you decided which discount rates to use for various leases?
  8. Have you assessed the possible impact on the balance sheet and the profit or loss statement?
  9. How will you inform external users of financial statements about the expected changes?
  10. Have you considered the possibility of changing the lease strategy due to the adoption of IFRS 16?  

Deloitte can assist you with the following:

Advisory services

  • Identifying lease agreements in accordance with new requirements
  • Assessing your readiness to transition from methodology, IT and resources perspective
  • Assessing the completeness and quality of the information available
  • Providing methodological support
  • Assessing the impact of the standard on the financial statements
  • Helping you to select best option for the transition to the new standard

 

Accounting support

  • Developing accounting policies and settling down on the key judgements
  • Calculating accounting adjustments (including retrospective adjustments, if needed)
  • Preparing draft disclosures

 

Implementation

  • Assessing the existing business process including risks and controls, and leased property management
  • Developing target business process models and roadmaps to achieve those
  • Developing efficient controls for lease accounting
  • Making necessary changes to the accounting systems
  • Automating accounting adjustments calculations (in SAP, 1C, etc.)
  • Developing turnkey IT solutions 

Vladimir Biryukov

Vladimir Biryukov

Partner, Audit & Assurance

Vladimir is an audit partner at Deloitte and leads Retail, Wholesale and Distribution group in the CIS. Vladimir has over 12 years of experience at Deloitte serving large Russian and multinational com... More

Igor Tokarev

Igor Tokarev

Partner, Audit & Assurance

Igor is a partner in the Audit Department of Deloitte CIS. He has over 19 years of auditing experience in Russia and the CIS. Prior to joining Deloitte in 2016, Igor had been a partner at another Big ... More

Anna Zdanevych

Anna Zdanevych

Director, Audit & Assurance

Anna started her career at Deloitte Kyiv in 2001 and joined the Audit department in Moscow in 2014.  Throughout her professional career, Anna has gained significant experience working with financial s... More

Vladimir Kozyrev

Vladimir Kozyrev

Partner, Audit & Assurance

Vladimir has 12 years of auditing experience. He has been involved in numerous audit projects under IFRS, US GAAP, and RAS regulations, serving public companies and the Russian offices of internationa... More

Salavat Galimov

Salavat Galimov

Director, Deloitte in Russia, Yekaterinburg

Salavat began his career in Deloitte’s Moscow office in 2005, where he gained experience working with companies in the manufacturing and retail sectors. In 2013, he moved to the new office in Yekateri... More

Dmitriy Chaban

Dmitriy Chaban

Managing Partner, Deloitte in Russia, Ufa

Dmitriy has led Deloitte Ufa since it began operations in 2011. Before he assumed the role of Head of Deloitte in Ufa, Dmitriy had been Manufacturing Industry Group Leader in the Deloitte Ukraine. He ... More

Yuliya Krasnova

Yuliya Krasnova

Director, Deloitte in Russia, Novosibirsk

Prior to joining Deloitte, Yulia worked at another Big Four firm where she led their Novosibirsk office. At that firm, Yulia led audits of some of its key clients, the largest companies in Siberia in ... More

Key contacts in CIS:

Caspian region, West region

Dilbar Askarova

Dilbar Askarova

Director, Audit & Assurance

Dilbar is a Director at Audit and Assurance, Deloitte Caspian Region, with over 15 years of experience in accounting and audit.  She has worked with a number of Kazakhstani companies  from  different ... More

Olga Shamrytskaya

Olga Shamrytskaya

Partner, Audit & Assurance

Olga Shamrytskaya holds a position of Audit & Assurance Partner and is a Retail Group Leader in Deloitte Ukraine. She is a Chartered Accountant with the Association of Chartered Certified Accountants ... More

Andrey Sotnikov

Andrey Sotnikov

Senior Manager, Risk Advisory

Andrey has been with Deloitte since 2015, and has more than seven years of experience in consulting services. Andrey focuses on the design, development and improvement of internal controls over busine... More

Dmitry Grigoryev

Dmitry Grigoryev

Manager, Consulting

Dmitry has more than 12 years of experience implementing SAP-based information systems and is a certified finance consultant for SAP S/4HANA and SAP ERP. Dmitry specializes in the development and roll... More

Dmitry Zabiralov

Dmitry Zabiralov

Director, Risk Advisory

Dmitry is a director in the Risk Advisory Group at Deloitte CIS. He has over sixteen years of experience in Russia. Dmitry specializes in US GAAP, IFRS and RAS financial statement preparation and fina... More