Computacenter Selects Innervision As Its Preferred IFRS 16 Lease Accounting Solutions Partner
Press Release: Monday, 6 November 2017 - 2 pm (GMT)
Innervision is pleased to announce that Computacenter Plc (CC), Europe’s leading independent provider of IT infrastructure services, has chosen Innervision’s LOIS Lease Accounting engine (LLA) to provide the IFRS 16 new lease accounting systems solution across the Group – including UK, France and Germany.
Under the 36-month agreement, Innervision will implement its multi-lingual, cloud-based LLA solution to enable Computacenter to centralise and maintain its 6,000 plus lease portfolio of property, fleet and IT, generating the necessary journal outputs for importing into SAP Computacenter’s core ERP system.
The new lease accounting standards, which come into effect on 1st January 2019, require companies (lessees) to fundamentally change the way they account for their leases bringing practically all leases onto the balance sheet and recognising a right of use asset and a lease liability. The changes will affect around 1 in 2 listed companies and will have a substantial impact on companies that currently use IFRS to report on their leases.
Innervision’s Commercial and Finance Director Maeve O’Connell commented:
“We are delighted that CC has chosen LLA to enable compliance with the new IFRS 16 accounting rules. With its fast implementation and intuitive usage, LLA should enable CC to prepare for the adoption of the new standards in plenty of time for the upcoming deadlines. We have several other clients in various stages of implementation and deployment and Computacenter adds to an increasing user base of global corporates who rely on LLA to help ensure compliance with the new standards. We look forward to a successful three-year partnership.”
Computacenter’s CFO Tony Conophy added:
“Due to our global business operation the new leasing standards poses a significant challenge for Computacenter. We require a robust and flexible solution to that challenge, that accommodates multiple asset types as well as the ability to handle complex agreements and modifications. We chose Innervision as our IFRS 16 partner due to the comprehensive functionality of LLA, their knowledge of the leasing market and the IFRS 16 standards as well as their flexible commercial approach to their solution offerings. We are confident of a successful partnership.”
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, LLA, 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.
Computacenter is Europe’s leading independent provider of IT infrastructure services. The company advises customers on their IT strategy, implement the most appropriate technology from a wide range of leading vendors and manage their technology infrastructures on their behalf.
The company’s corporate and government clients are serviced by offices across the UK, Germany, France, the Benelux countries, Spain and South Africa. As well as serving its customers’ global requirements through an extensive partner network.
Formed in 1981 by British Harvard graduates Philip Hulme and Peter Ogden, Computacenter today has over 10,000 employees across Europe and Group revenues of over £2.5 billion. The company’s business activity falls into the broad categories of Managed & Transformation Services, Consulting & Changing Services and Sourcing & Deployment Services.
For further information about Innervision’s lease accounting solutions and leasing services, visit: http://www.innervision.co.uk/
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