LeaseLight
Making IFRS 16 compliance easy for businesses with smaller lease portfolios.
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The challenge
2019 sees the start of a whole new approach to lease accounting with the implementation of IFRS 16 - the new accounting standard requiring companies to bring leases on balance sheet. It’s great news for financial transparency, but a challenge to implement.
Companies have many data points when it comes to their lease portfolios, so when you consider the time it would take to process this amount of data in line with the complexities of IFRS 16, it’s easy to see why a manual process or simple spreadsheet solution wouldn’t be up to scratch.
That’s why we developed LeaseLight: a cloud based solution that
allows you to collect and manage all of your lease portfolio data
in one place. It keeps business disruption to a minimum and makes
it easy for you to calculate the right figures for your reported
accounts. For businesses with a smaller lease portfolio, it's the
ideal light touch solution.
Features
Cloud hosted
Multiple user access
Excel based outputs for simple ERP entry
Ability to interrogate down to lease level
Forecasting and planning functionality
Shadow reporting under IAS 17
Fully transparent calculation approach
Audit trail of lease modifications
How it works
Maintain lease population
You are able to quickly and easily upload all of your lease data to an intuitive online platform. Leaselight acts as the 'Golden Source of Truth' as you maintain the data over time and make changes to reflect new lease events. At any given time you can check this repository to get the most current view of your lease portfolio and the resulting financial implications.
Calculate the financial impact
Calculating the figures for reported accounts is simple. Upon your request, LeaseLight generates all the calculations you need, providing the key accounting outputs as well as a detailed forecast of the future impact of your lease portfolio.
Upload journal entries into your financial systems
LeaseLight generates an Excel based output, providing accounting journals on a lease by lease basis for you to quickly and easily enter into your ERP system.
