IFRS 16 standard compliance
Rotork has a lease portfolio consisting of approximately 500 leases spread over a number of companies globally. Although initial modelling showed that the transition to IFRS 16 would not have a significant impact on the financial statements, the complex nature of the calculations and need to set up and maintain a central lease database meant it would be beneficial to manage the accounting and reporting using a software solution.
Finding a software meeting IFRS16 standard
” We looked at a number of providers and Viareport’s Lease solution offered us the best functionality at a price that fitted the number of leases in our portfolio. The hands-on demonstration we were offered before purchasing was an excellent way for us to see the full range of benefits the solution has. ”
“The solution is intuitive to use and the WebEx training given after implementation was thorough. The Viareport consultants on our project were knowledgeable and responded to our queries quickly, in fact communication with all members of the Viareport team was excellent. The performance of the Lease solution has met all our expectations and proved successful in meeting our half year reporting requirements.”
“The main benefit of this application is the analysis tool which has allowed us to design our own reports and to prepare disclosures which fit the requirements of IFRS 16. Other solutions we looked at did not offer this bespoke reporting functionality. The multi-currency consolidation and ability to close periods has also been key for our monthly reporting.”
Brought to life through the viareport agile development process. LEASE is a cloud based application, easy to use and to roll out. It eases your workflow and your consolidation issues regarding the evolution of IFRS16 and IAS17standards.