A global medical technology company selected VIP Apps Consulting to lead an end-to-end lease accounting system compliance project and the integration with the existing Oracle ERP system. For the testing phases, VIP Apps Consulting teamed with TechnoSolutions and their TopTeam solution to: –enhance the ability to log and track functional requirements, and -provide professional-quality reporting...
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As the deadline to the new lease accounting standards IFRS 16 ASC 842 looms, compliance is at the top of finance managers’ agendas. To comply with the new guidelines, organisations will have to change the way leases are recorded and processed, as the new standards increase complexity, requiring that operating leases now be reflected on…
With only months lefts before the new lease accounting standards ASC 842 and IFRS 16 become effective, many companies have not taken the steps needed to meet the deadline. In previous posts, we went through lists of questions to help CFOs assess in which stage of the transition plan the organisation is, transition guides and…
The new lease accounting standards IFRS 16 and ASC 842 come into effect on January 2019, and as we are nearly halfway through 2018, organisations are running short on time to comply with the new guidance. In this post we will review some critical project considerations, so you can jump-start your implementation journey and finish…
The sunny Malta location didn’t quite work out for Leaseurope 2017. Despite the flight chaos and torrential rain, the slightly seasoned leaders of the leasing industry embraced new regulations and most notably new technologies! New and refreshing session: Disruption. Provocation. Demonstration. Debate Brilliantly chaired by Carmen Ene, CEO,3 Step IT inviting technology experts Mahmood Aziz, Blue Prism, Parm Sangha, IBM and Abe Smith, Dealflo, to explain Robotic Automation and Blockchain concepts, Abe then explained the…
The deadline to the new leases standards IFRS 16 / FASB ASC 842 is rapidly approaching with tremendous impact and changes to your organisation.With many lease agreements containing assets scattered around across systems, departments, filing cabinets, etc., which were previously off balance sheet now being brought onto companies’ books, the requirement for new streamlined business…
The effective date of new leases standards is less than 20 months away. The new Lease Accounting Standards IFRS 16 / FASB ASC 842 requires companies to bring most leases on-balance sheet, providing a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases. The new standard will significantly change the…
With post-Brexit change and uncertainty dominating financial news cycles the ongoing review and amendments to IFRS 16 could have been at risk of being swamped by other financial news. However, the finance and leasing sectors continue to watch closely as the HMRC analyses the tax options for IFRS 16 and makes announcements prior to formal…
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