Innervision Reaches 50 LOIS Lease Accounting Customers Milestone
London, United Kingdom, 19th July, 2018 - Innervision Management Ltd (“Innervision”) is delighted to announce that at the end of June 50 new clients globally have now selected Innervision’s acclaimed LOIS Lease Accounting (LLA) solution as their preferred platform to manage the transition and comply with the new IFRS 16/ASC 842 lease accounting standards.
This milestone marks a significant achievement for Innervision demonstrating the competitiveness and relevance of its LLA solution and its ongoing commitment towards assisting large organisations in complying with the forthcoming accounting principles.
These new clients come from a variety of industries, in the UK, mainland Europe, Nordics, NZ and Australia and add to an ever-growing and diverse user base of global corporates who depend on LLA to help ensure compliance with either IFRS 16 or FASB ASC 842 standards. Today, the LLA solution is relied upon by over 1,000 users in over 27 countries. The system houses in excess of 80,000 leases, with a combined value of over €25 Billion.
Innervision’s Director Martin Kennard commented, “With the LLA solution, we are completely changing the way companies approach the transition to IFRS 16 and ASC 842. Hitting this 50-client milestone validates the confidence global enterprises have shown in the platform and illustrates Innervision’s proven expertise and credentials which, combined with ease and speed of implementation, are proving an attractive solution for complex business structures, across all industries.”
“With the introduction of the new accounting standards for leases, companies require financial reporting mechanisms that help ease the burdens of compliance. With the LLA solution, we have developed an application that is easy to use and fulfils that remit. We look forward to supporting our growing portfolio of LLA users as they progress towards timely and full compliance”.
The new lease accounting standards, which come into effect on 1st January 2019, require companies (lessees) to account for their leases under a single accounting treatment, bringing practically all leases onto the balance sheet, and recognising a right of use asset and an associated committed lease liability.
These new standards are set to have substantial implications for all companies that lease and will require an unprecedented amount of work to successfully implement. It is important that companies understand the challenges presented by IFRS 16 and ASC 842 and do not underestimate the complexities associated with achieving compliance before the respective deadlines.
With the appropriate processes and tools in place companies will soon discover that with greater focus and increased visibility of their lease portfolio they are perfectly placed to leverage the consequential economic and operational benefits associated with implementing the standards.
Innervision is a leasing consultancy and specialist lease service supplier, providing Lease Portfolio Management services and SaaS solutions to large corporates since 1992. Innervision’s lease accounting solution, LLA is pioneering lease accounting solution which supports both standards, IFRS 16 & FASB ASC 842, as well as existing IAS 17. The system allows users to account for and manage all lease asset types, ranging from IT, plant & machinery to material handling equipment, vehicles and property.
Companies that use LLA are easily able to comply with the new standards as the application allows them to produce all the accounting information required to accurately complete the financial statements obligatory for compliance; including income statement, cash flow and balance sheet. Plus, much more.
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: