National Express Group PLC Selects Innervision as its Preferred Technology Partner for IFRS 16 Lease Accounting
Press Release: Tuesday, 21st November 2017 - 2pm (GMT)
Innervision Management Ltd, a leader in global leasing solutions and services, is delighted to announce that National Express, a multinational transportation provider and one of the most recognised brands in the UK, has chosen Innervision’s LOIS Lease Accounting (LLA) as its preferred IFRS 16 systems solution.
As part of the agreement, Innervision will implement its robust, cloud-based LLA solution across the group, enabling National Express to consolidate and manage a large and complex portfolio of leases. Included within its core functionality LLA gives National Express the ability to record and maintain multiple assets on one lease contract. Besides multi-asset management, LLA provides a solutions environment that accommodates the generation of the necessary lease accounting reporting outputs for posting into the Group’s underlying accounting systems.
The new lease accounting standards – IFRS 16, issued by the International Accounting Standards Board will go into effect on 1st January 2019. The introduction of IFRS 16 is set to have some seismic implications for all companies (lessees) that lease and will fundamentally change the way leases are accounting for, bringing virtually all leases onto the balance sheet and recognising a right of use asset and a lease liability.
Innervision’s Commercial and Finance Director Maeve O’Connell commented: “We are thrilled that National Express has selected LLA as its preferred technology solution for addressing the demanding regulatory requirements of the new standard. We are confident that our robust and easy to implement solution will provide National Express with the essential tools and features for enabling a successful and compliant transition. We look forward to a successful partnership”
Rob Rhead, National Express’s Senior Group Accountant added: “We decided upon Innervision as our preferred technology partner for transitioning to IFRS 16 as we were seeking a comprehensive end-to-end solution that would support the complexities of our multifaceted lease portfolio. With Innervision’s proven expertise in the leasing industry, coupled with their understanding of the new standard, I am confident that National Express now has a strong technology partner for supporting our lease accounting compliance project”
About National Express:
National Express is a leading transport provider delivering services in the UK, Continental Europe, North Africa, North America and the Middle East. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Headquartered in Birmingham – United Kingdom, the Group employs over 45,000 people worldwide with group revenues in excess of £2.1 Billion.
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
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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