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IFRS 16 – Simplified Lease Accounting Platform

 IFRS 16 (Effective from January 1 2019) has brought in fundamental changes to how organizations finance their business & how they account for various type of Lease. 

Lessees: Almost all leases are recognized in the statement of financial position as a ‘right-of-use’ asset and a lease liability. There are some exceptions for leases where the underlying asset is of low value and for short term leases (i.e. those with a lease term of twelve months or less). 

Lessors: Lessors continue to account for leases as either operating or finance leases depending on whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset to the lessee. Lessors remains substantially unchanged from IAS 17. 

MCA brings in the necessary expertise of IFRS 16 to assist our clients with

  • Technical support in assessing, designing, implementing and monitoring effective controls that will ensure regulatory and legislative compliance
  • Training and upskilling of staff
  • Tool to assist with Data import, Auto calculations, Planning and Simulation options & reporting

Please find the detailed IFRS 16 Guide for your ready reference.

Download IFRS 16 Tool Guide
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