Innervision Announces New Client for IFRS 16 Lease Accounting Partnership with Vion
London, United Kingdom — 5th June 2018 — 11 am (BST) — Innervision Management Ltd (“Innervision”), a global leading provider of cloud-based lease management and lease accounting software in the enterprise lease accounting market, today announced that Vion Food Group (“Vion”), a leading international meat processing company has recently selected Innervision’s market-leading solution LOIS Lease Accounting (LLA) to support its IFRS 16 transition and compliance project.
The 3-year agreement will see LLA deployed across the group. The acquisition of the Innervision solution will enable Vion to effectively comply with the new IFRS 16 standard through a rapid systems implementation. Using LLA’s integrated data migration tools, Vion’s critical lease information will be easily uploaded to the system allowing them to validate the master data and produce the relevant accounting reports, disclosure summaries and journal entries ready for upload to Vion’s desired general ledger application.
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 recognising a right of use asset and a lease liability.
Ellen van Nistelrooij, Vion’s project manager for the IFRS 16 implementation, commented, “Due to the global spread and size of Vion’s lease portfolio, the forthcoming IFRS 16 standard represents a complex and multifaceted challenge. As such we require a robust and comprehensive solution that will support Vion’s compliance efforts, whilst also accommodating the consolidation of lease data onto one central system and providing all features for possible future lease management. Through the LLA application, Innervision demonstrated that its solution could fulfil these requirements. We are confident that LLA will become an essential component in Vion’s IFRS 16 compliance project moving forward.”
Innervision’s Director Martin Kennard added: "We are delighted that Vion has selected LLA as its chosen technology solution for transitioning to IFRS 16. This new partnership demonstrates Innervision’s growing penetration into the European lease accounting market in support of one of the world’s leading meat processing companies. We look forward to assisting Vion in its journey towards full lease accounting compliance.”
Vion is an international meat producer with production locations in the Netherlands and Germany, and sales support offices in thirteen countries worldwide. In 2017, Vion had a turnover of € 5.1 billion and 11,800 employees.
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.
For further information about Innervision’s lease accounting solution and leasing services, visit: http://www.innervision.co.uk/
Get Up To Speed With IFRS 16
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