How can I make IFRS-16 reporting and lease management easier?
Preparing for lease and break negotiations or collating evidence for IFRS-16 can be time-consuming, especially if you manage multiple properties.
But that’s where WorkSavi can help! Our comprehensive property and asset management solution is designed to help you store important property data in one place, making it easy for you to store and access information quickly and easily.
What is IFRS-16?
IFRS-16 introduces a single lessee accounting model, mandating the recognition of assets and liabilities for all leases with a term of more than 12 months.
To remain compliant, businesses must collate evidence and data to show how leases meet the requirements of IFRS 16. The three stages of IFRS 16 financial reporting include:
- Asset identification, specifically detailing property, equipment, vehicles, etc.
- Collating lease information, this could include lease terms, options at the end of the lease, rental payable, interest rates of leases and borrowing costs
- Calculating assets and liabilities
The goal of IFRS 16 is to provide a more honest representation of a lessee’s financial position and performance by bringing leased assets and liabilities onto the balance sheet, whilst improving transparency and comparability in financial reporting.
How WorkSavi can help
With WorkSavi, you have a trusted partner dedicated to simplifying estate and asset management, reducing complexity, and ensuring that your business remains compliant and well-prepared for lease management renewals and IFRS-16. We provide the tools and resources needed to maintain control over your estates and assets, ultimately supporting your long-term success.
WorkSavi is designed to support businesses in collating the necessary evidence and data to meet the requirements of IFRS 16. We provide a robust platform to ensure transparency in your lease assets and liabilities, eliminating off-balance sheet lease financing and enhancing your reporting capabilities.
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