Learn more about LOIS Lease AccountingLOIS Lease Accounting, is a hassle-free accounting solution that delivers all the transition tools and functionality needed to extract, validate and report on all the critical lease data required for full compliance with both IFRS 16 and FASB ASC 842.
By loading critical lease information onto LOIS, organisations are easily able to evaluate its entire portfolio and identify what leases are impacted by the new standards. Companies that use LOIS to manage and enhance their lease portfolio can produce all the accounting information required to accurately complete the financial statements obligatory for compliance, including income statement, cash flow and balance sheet. LOIS will also generate the complex calculations for you at the touch of a button.
How can we support your IFRS 16 and ASC 842 compliance projects?
- Consolidate critical lease data
- Easily transition to IFRS 16 and ASC 842
- Calculate and track ROU assets and liabilities
- Perform lease modifications, in-life changes and remeasurements
- Facilitate accurate financial reporting and accounting
- Run amortisation schedules, journal entries and disclosure summaries
Capture and upload relevant lease data with ease. Ensure all critical lease information is centralised on one unified platform and data repository. Reduce cost and operational burdens, whilst ensuring consistency and compliance.
Simplify compliance with an end-to-end solution that includes powerful built-in reporting capabilities and calculations, automated workflows and audit trails.
To get you up and running quickly, the solution has been developed with speed of implementation in mind. There is no need for any complex on premise installation or licensing fees and using cloud technologies the system can be implemented at speed.
The system will automate the complex accounting calculations for you, helping to ensure the integrity of your financial reports is maintained.
LOIS’s full suite of standard and advanced reports provides all the tools required to help ensure a successful transition to either IFRS 16 or FASB ASC 842. Track progress from beginning to end.
All in-life lease amendments are catered for, adhering to the IFRS 16 and FASB ASC 842 standards covering: Full extensions, Part terminations, Full early terminations, Consideration changes, Indexation price changes (IFRS), Rental corrections and impairments.
Recording a complete audit trail is extremely important for compliance and requires constant assessment and judgement. This process is simplified in LOIS as the system incorporates a robust and accurate audit trail.
In-Built Control Measures
The solution has been designed and built with certain control mechanisms and workflows that not only help during the transition process but also during BAU scenarios. In-built validation checks help ensure data integrity is maintained across your entire lease portfolio.