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Avoid the Roadblocks of the Updated
IASB IFRS 16 Accounting Standard

 

When the International Accounting Standards Board (IASB) issued IFRS 16, the goal was to increase the accuracy of financial reporting so investors could better understand the business. It's a big change: IFRS 16 holds to a single lessee accounting model. It requires the lessee recognize assets and liabilities for all leases with a term of more than 12 months.

And while the IASB shares many of the same characteristics and processes as its sister organization the Financial Accounting Standards Board (FASB), there are significant differences between ASC 842 and IFRS 16:

  •   IASB IFRS 16 accounting only requires a single model for lease classification
  •    IASB IFRS 16 offers exemptions on short-term and low-value leases
  •   Companies will expense all leases like finance leases, creating an impact on the profit/loss statement
  •  Companies can forgo the comparative reporting requirements
  •    IFRS 16 allows two alternatives for measuring a right-of-use asset
  •    With practical expedients, companies may apply a single discount rate to a portfolio of leases

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Your Easy Button for IFRS 16

This isn't your run-of-the-mill accounting change. The IFRS 16 update will usher in transformative, holistic changes at companies of all sizes. With a fast-approaching deadline and a 4-6 month average implementation timeline, companies need to trust implementation to a reliable partner who can knock it out with efficiency and accuracy.

Built-In IFRS 16 Compliance

AMTdirect provides cloud-based software that's FASB, GASB and IASB accounting compliant. That means IFRS compliance will be up and running as soon as you are.

 

Reporting at Your Fingertips

Ditch the spreadsheets. Use AMTdirect's automated standard reports instead. They're fully customizable and will notify you about critical lease dates.

Industry-Best Onboarding

No matter how many integrations or how complex your portfolio, we've got it handled. Our training and implementation process keeps you in the loop.

An Extra Set of Hands

Our team of experts knows a thing or two about accounting standards. That's because we've got 21 years of experience under our belts and hundreds of implementations.
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