It's never too early to get prepared for IFRS 16
With the upcoming implementation of IFRS 16 requiring operating leases as well as finance leases to be accounted for on the balance sheet, public sector organisations are now faced with the daunting challenge of undertaking a complete asset reclassification exercise and redefining the management of its lease portfolio to ensure compliance.
Don't waste weeks or potentially months to find, collate and analyse your lease data.
Access high quality lease data so you can have confidence in its integrity.
Avoid using disparate systems across departments which cause a lack of control and the risk of inaccurate financial calculations.
Gain financial transparency on the management of leases to meet audit requirements.
MRI’s proven lease accounting software can save time and remove human error by automating and streamlining complex processes
Empower Collaboration
A consolidated process and centralised solution that integrates the finance, real estate, HR and legal teams together is key to capturing at source and delivering comprehensive and accurate lease data from across the business for effective implementation of IFRS 16.
Quick and accurate IFRS 16 reporting
Free up valuable time and resource by performing routine tasks such as lease capitalisation and disclosure reporting at the click of a button using the software’s suite of standard and user-defined reports. Have complete confidence in the calculations and financials for guaranteed audit compliance.
Simplify IFRS 16 Compliance
Developed specifically and continually evolving in line with IFRS 16 requirements, MRI’s lease accounting software significantly reduces the manual burden and time associated with data collection and cleansing, lease calculations, reporting and disclosures to ensure ongoing compliance.
-
Property and equipment leasing
-
Adjusted calculations
-
Lessor accounting
-
Lease level accounting
-
Disclosure reports
-
Journal postings
Property and equipment leasing
Property and equipment leasing
A centralised solution in which you can record and report on both property portfolio materiality and non-property assets including real estate, land, equipment and fleet. Delve even deeper on such lease types as master leases, sub-leases, peppercorn leases and embedded leases in order to ensure a full insight for IFRS 16 compliance.
Adjusted calculations
Adjusted calculations
Automatic recalculations and associated balance sheet adjustments when leasing events require it, for example, extensions and terminations, will save time and provide the peace of mind of always being able to supply accurate and up to date information for audit purposes.
Lessor accounting
Lessor accounting
With many public sector organisations having the added complexity of managing subleases and inter-company leases, MRI’s solution can ease the process. Lease receivables linked to a head-lease payable, whether the subtenant is a third-party company or intercompany will meet IFRS 16 requirements.
Lease level accounting
Lease level accounting
Maintain lease level accounting to manage single and master leases effectively. An audit trail for each lease of all balance sheet calculations, each displaying amortisation, opening/closing liability, interest, depreciation, etc for each period in line with company-specific accounting calendar will simplify IFRS 16 compliance.
Disclosure reports
Disclosure reports
Quickly and easily produce IFRS 16 compliant lessee and lessor disclosure reports providing details of right of use assets, interest, amortisation, cash flow and weighted terms.
Journal postings
Journal postings
Periodic or annual lease journal entries in line with IFRS 16 requirements can be produced in report format or interfaced to the finance system, reducing manual processes and the risk of error.
We can help public sector organisations meet IFRS 16 requirements and ensure efficient management of lease portfolios
300+
Councils, Central Government and NHS organisations using our lease and capital accounting software
8.8M+
leases are handled on our systems
500+
successful lease accounting implementations across the public and private sectors
Resources
Let's Connect
Fill in the form to learn more about our software solutions and services for workplace management, lease administration and lease accounting.