AASB 16 requires lessees to recognise most leases on the balance sheet as both assets and liabilities. Furthermore, as a result of changes to the measurement and recognition requirements for leases, the standard will also affect the amount and timing of expenses relating to those leases in an entity’s profit and loss account.
Lease accounting is no longer a set-and-forget proposition and requires regular reassessments and remeasurement throughout the lease term. Assessing lease renewal options, remeasurement of lease liabilities and assets, sub-leases and sale and leasebacks add further complexity.
Whether you have property, vehicles, office space or equipment, Nexia Australia can help reduce this financial reporting burden and can offer a complete solution to assist you with applying AASB 16 and managing your lease portfolio.
Lease Accounting Solution
Our Lease Accounting Solution saves you the time, effort and worry of managing and accounting for your organisation’s leases under AASB 16.
Through our access to leading AASB 16 compliant web-based software, we can:
- manage your ongoing AASB 16 financial reporting requirements;
- provide you with regular reporting of asset and liability values, amortisation schedules and journal entries for each lease across your entire portfolio; and
- provide reports and audit trails to assist in your year end audit process.
You can also have access to your data and generate reports at any time to help with your budgeting, forecasting and reporting needs.
AASB 16 Accounting Advice and Training
Our Financial Reporting Advisory specialists can examine your contracts and provide you with technical accounting assistance on the application of AASB 16.
We can:
- provide advice on which arrangements are subject to AASB 16;
- calculate and advise on the effects of different transition options and the financial reporting impacts of AASB 16 into the future;
- deliver tailored training to your finance staff so they understand how AASB 16 will affect your organisation’s financial reporting.
For more information about our Lease Accounting Solution or to get a quote, complete the form below or contact leaseaccounting@nexiasydney.com.au.