IFRS 16

IFRS 16 is an International Financial Reporting Standard (IFRS) developed by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. Upon becoming effective, it supersedes the earlier leasing standard, IAS 17.

With the new IFRS 16 and ASC 842 lease standards focusing on transparency of lease obligations on the balance sheet, there is a significant amount of lease data that must now be collected, calculated, reported and disclosed.

We can help you transition to the new leasing regulations and get compliant quickly. Our Solution is automated to allow you to easily manage the large volumes of leasing data by providing data collection, calculations, reporting and disclosures.

Our goal is for your implementation to be as seamless as possible, and our agile approach led by an experienced project manager has a proven track record of success.

Key features of the software solution

Fast setup

Preconfigured solution gets you compliant quickly with a lower total cost of ownership (TCO).

Single Version of Truth

Creates a single lease data repository to accurately calculate, report and disclose for IFRS 16 & ASC 842 and other reporting requirements.

Easily Integrated

Our regulatory solutions are non-disruptive to existing architectures they integrate with all your systems, whether they are on premises or on the cloud.

Flexible Modeling

volumes of data quickly. Flexible modelling allows you to easily extend and maintain the library of contract models , configure calculation logic and rules with a Finance friendly interface to stay compliant.

Resource prepared by experts

The ultimate lease accounting checklist

Know exactly what features to look for when you are choosing the IFRS 16 & ASC 842 software.

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Technology

Wolters Kluwer

CCH® Tagetik by Wolters Kluwer has set a benchmark for excellence, being named a Leader in the 2024 Gartner® Magic Quadrant™ for Financial Planning Solutions for the fourth consecutive year.