The International Accounting Standards Board (IASB) issued IFRS 16 in 2016, with an effective date of 1 January 2019, with the purpose of increasing transparency on lease transactions. This will have a major impact on lease recognition in both balance sheet and income statement.
Optimizing lease data collection
Invoke FAS IFRS 16 let you focus on data quality, and provides you with:
• A universal, ETL-like import feature, which lets you import data from virtually any software on the market (accounting, ERP etc.) or Excel® files.
• A flexible data input capacity, which lets you either input data directly through the Invoke FAS platform, or decentralize data input by providing subsidiaries with the option to use the online FAS Web application.
A simplified inventory of IFRS 16 eligible leases
Once the data has been collected, leases are stored in a lease library.
A smart engine automatically identifies leases within the scope of IFRS 16.
Data compliance through a certified standard configuration
FAS IFRS 16 standard configuration was audited and certified by one of the top audit and accounting Firms among the (‘Big 4’). This configuration covers:
- The recognition model (full retrospective approach vs. modified retrospective approach)
- Lease options (termination/extension/purchase) ,
- Indexes (variable leases, indexed leases, ...)
- Amortization schedules
- Debt repayment schedule
- Accounting adjustment entries
FAS IFRS 16: Implementation made easyThanks to its user-friendly work environment, (embedded spreadsheet application and word processor) you will be immediately up and running in an environment with which you are already very familiar!
- Universal, ETL-like import feature
- Automatic analysis of leases to be restated
- Automatic calculation of amortization schedules, debt repayment schedules, and adjustment entries
- Collaborative workflow
- Control and validation at each step of the process
- Multi-format, generic exports of adjustment entries to consolidation software
The Invoke Added Value
- Easy to use tools and simplified data collection and decentralization
- An embedded, Excel®-compatible spreadsheet as a personalized report generator
- An intuitive work environment to get started in no time!
IFRS 16: a “big bang” in leasing?
How does one prepare for its entry into force considering all the challenges that it brings to the fore?
Certification by leading audit firm
Invoke announces the certification of its Invoke FAS IFRS 16 solution by a leading Big Four accounting firm.
With offices in Paris, London, Luxembourg, Lisbon and Stockholm, Invoke provides financial, regulatory and tax reporting solutions. It is a regulatory technology partner of choice to supervisory bodies worldwide (European Banking Authority (EBA), ACPR-Banque de France, Deutsche Bundesbank, Bank of Israel, ...), as well as to financial institutions who fall under the scope of complex regulatory imperatives such as CRD IV, Solvency II, AnaCredit, FATCA, CRS/AEoI, CbCR or IFRS 16 reporting. Incorporating next-generation technology, advanced data-governance, collaborative workflow and disclosure management features, Invoke software solutions associate a decade of technical expertise with extensive domain knowledge.