Allport Cargo Services Tackles IFRS 16 with LOIS Lease Accounting by Innervision
London, United Kingdom — 18th September 2018 — 11:30 am (GMT) Innervision Management Ltd (“Innervision”), has been able to confirm that Allport Cargo Services Ltd (“ACS”), is to utilise Innervision’s purpose-built software solution, LOIS Lease Accounting (“LLA”), to support its transition to and compliance with, the recently adopted accounting standard IFRS 16.
Under the 36-month agreement, Innervision, a global provider of lease management and lease accounting software, will implement its multi-lingual, cloud-based LLA solution to enable ACS, a global supply chain and logistics company and one of the UK’s largest independent freight forwarders, to centralise and maintain its lease portfolio of property, fleet and IT, generating the necessary journal outputs for importing into ACS’ core ERP system.
Innervision’s implementation team is working with ACS to configure their system architecture, management reporting profile, operational and reporting controls and mapping General Ledger/asset codes to ensure a seamless transition. The system is fully IFRS 16 compliant with additional features that came about as a result of Innervision’s leasing background, equipped with both future and backwards-looking reports. The journal outputs are at a granular level with full transparency, designed to feed directly into the ERP. Innervision’s experienced team of accountants is geared to assist ACS transition across to the new standard.
David Thomas, ACS’s Group Financial Director, commented, “The leasing of assets and property is a central component of our business strategy and allows us to ensure our fleet and systems are up to date and refreshed regularly as we maintain our leading position in supply chain management and logistics”
“With the acquisition of the LOIS Lease Accounting solution, along with our internal resource, we are confident we will be able to accomplish compliance on time, with minimum disruption and within budget with the necessary journals being created and exported to our general ledger”.
Innervision’s Director Martin Kennard added, ”ACS is a class leader in freight forwarding in the UK and with its parent company a global leader within the sector. This initial deployment is for UK operations, but LLA is a solution that can cater for global operations and complex reporting structures, as well as for both international lease accounting standards - ASC 842 & IFRS 16. We look forward to working with ACS as it meets the exacting regulatory challenge of lease classification and reporting under the new accounting standard IFRS 16”.
Allport Cargo Services are a global supply chain and logistics company. One of the UK’s largest freight forwarders, ACS has been a significant force in the industry for over 50 years.
With investments in over 20 countries and operations in another 100, ACS has always focussed on developing comprehensive supply chain and logistics solutions that fit their customers ever evolving needs, providing the infrastructure needed to manage complex supply chains.
ACS manages cargo globally for 3,000 customers in a range of sectors; with a portfolio of specialist services developed specifically for the retail, consumer goods, defence, Hi-tech, fashion and event sectors.
Committed to providing ethical supply chain solutions, Allport Cargo Services have adopted ethical commitments globally, with independent compliance auditing and visibility through a dedicated web portal.
ACS has been part of the Cargo Services Group of companies since 2010.
Innervision is a leasing consultancy and specialist lease service supplier, providing Lease Accounting Solutions and Lease Portfolio Management services to global corporate lessees since 1992.
Innervision’s lease accounting solution, LOIS Lease Accounting, is a flexible web-based application that supports both current IAS 17 lease accounting standards as well as the new IFRS 16 & FASB ASC 842; LLA caters for all lease asset types, including equipment and property.
LLA will interface with most popular ERP systems such as SAP, Oracle and other general ledger solutions, as well as common property and fleet management engines.
With its comprehensive and intuitive accounting features, alongside a straightforward implementation process, competitive pricing, extensive training programme and expert support, LLA is the perfect tool for any implementation project.
LLA produces all the accounting information required to complete the financial statements; including income statement, cash flow and balance sheet. The system will also run amortisation schedules, journal entries and disclosure summaries.
For further information about Innervision’s lease accounting solution and leasing services, visit: http://www.innervision.co.uk/
About IFRS 16:
Published by the International Accounting Standards Board (IASB), the new standard for lease accounting, IFRS 16 supersedes IAS 17 and will be effective for annual accounting periods beginning on or after 1st January 2019, with earlier application permitted. The introduction of the new standard marks the biggest change in lease accounting in over a decade and requires lessees to account for leases under a single accounting treatment, bringing the majority of leases ‘on balance sheet’ and recognizing a right of use asset and a lease liability.
Get Up To Speed With IFRS 16
If you are looking to learn more about the changes to lease accounting and the impact that IFRS 16 will have on your organisation. Then take a look at this useful download that will show you everything you need to know at a glance.
Access your free guide by clicking on the link below: