Innervision & Addison Lee Group Announce IFRS 16 Partnership
London, UK — Wednesday, 20th February 2019 - 2.00pm (GMT) — Innervision Management Ltd (Innervision), an industry leading provider of cloud-based lease management and lease accounting software solutions, today announced that Addison Lee Group (Addison Lee), a London-based private hire company has chosen Innervision’s market leading solution LOIS Lease Accounting (LLA) as its dedicated solution for transitioning to the new standard – IFRS 16.
The 3-year agreement will see LLA deployed across the group. The acquisition of the Innervision solution is critical to Addison Lee’s implementation project and will allow them to account for a large portfolio of vehicles in the UK and the US. To help simplify this process, LLA creates all the accounting adjustments and amortisation schedules following a lease contract modification and produces the relevant journal entries and IFRS 16 reports for disclosure notices.
Tim Thimaya, Addison Lee’s Group Financial Controller commented:
"For Addison Lee, IFRS 16 is a complex compliance challenge and we required a robust and agile solution that would help simplify the transition and integration project. LLA gives us an intuitive, easy to implement and straightforward solution that addresses our requirements at a competitive price and will sit easily alongside our existing systems and processes. It is a simple solution to a challenging issue”.
Innervision’s Director Martin Kennard added:
"We are delighted to welcome Addison Lee to our growing group of LLA customers and believe that we have once again demonstrated the value of the LLA system, its ease of implementation and the intuitive nature of the system. We are very much looking forward to working with the Addison Lee team.”
About Addison Lee Group:
Addison Lee is a London-based private hire company founded in 1975. Headquartered in London,
Addison Lee Group's fleet of over 4,800 taxis and minicabs transports in excess of 10 million passengers each year in London alone. The company generated annual revenues in excess of £340 Million for the year ended 31 August 2017.
Innervision’s lease accounting solution, LLA is a pioneering solution which supports both standards, IFRS 16 & FASB ASC 842, as well as existing IAS 17. The system allows users to easily comply with the new standards as the application allows them to centralise their lease data and produce all the calculations, disclosers and accounting reports required for compliance.
Today, the LLA solution is relied upon by a growing user base of over 3,000 users in over 100 countries that depend on LLA to help ensure compliance. The system houses in excess of 120,000 leases, with a combined value of over €75 Billion.
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.
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