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IFRS 16

Easing your transition using the power of digital

IFRS 16 requires all material operating leases to be recorded on balance sheet from 1 January 2019. For some companies with large, complex or geographically diverse lease portfolios, this will present a significant change. The impact extends far wider than the accounting function, so stakeholders from other areas of the business including: IT, Treasury, Tax, Reward and Investor Relations need to be engaged early.
Helping you implement IFRS 16: our leasing transition tools

We can help you achieve an efficient and effective transition to IFRS 16.

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Helping you implement the new leasing standard

  • We can help you understand the specific impacts IFRS 16 will have on your business.
  • We can develop an initial quantitative impact of IFRS 16 using our tool.
  • We can prepare an impact assessment report with recommendations you can use to facilitate conversations with stakeholders.
  • We can prepare a robust project plan tailored to your needs.

  • We can plan for the data extraction exercise by qualifying your lease portfolio and data needs. We can extract data from contracts quickly and efficiently by using technology.
  • We can validate the data extracted to give you confidence over accuracy and completeness.
  • We can help you manage your lease data and contracts using our workflow tool.

  • We can design a robust model which uses your lease data to quantify the impact.
  • We can devise new processes and test scenarios based on different judgements and transition methods.
  • We can provide user friendly data outputs which can be used to engage wider stakeholders.

  • We can help you choose the right long-term system for your lease requirements.
  • We can redesign business processes and controls for your new system.
  • We can provide full systems implementation support including project management support, design and testing.
     

Why Partner with PwC

  • Our combined leasing, data and business transformation capabilities deliver an effective transition
  • Our digital solutions offer you speed and efficiency
  • Our approach is modular, you choose the right PwC solution for your requirements

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“IFRS 16 presents the most widespread change to lease accounting since IFRS was introduced in 2005”

Contact us

Richard Veysey

Richard Veysey

Partner, Accounting Change, PwC United Kingdom

Tel: +44 (0)7718 976 960

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