The lease accounting standards are prompting companies to re-engineer the way they manage and report lease agreements for compliance and ongoing lease management. The need to gather and analyze relevant data to comply with these standards poses significant challenges for many organizations.
This process could help to improve the way companies collect data and the insights they receive from it in the future. PwC India’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.
The companies need to assess the extent of the standards’ impact so that they can address the wider business and organizational changes as may be required.
Lease Fix is a solution that helps to identify, collect, analyze and report data for enhanced compliance and control on lease agreements in accordance with Ind AS 116/IFRS 16/ASC 842. With features such as group reporting packs and lease summary reports, this comprehensive tool ensures that every aspect of lease management is handled efficiently; like lease modifications, lease adjustments, lease rental escalations, lease reassessments, lease renewals and terminations - all tasks can be performed effortlessly and seamlessly.
It combines several key features, and enables companies to address data-related challenges, quantify lease rentals and automate lease calculations while managing the technical requirements of the lease accounting standards. With simplified lease treatment and faster lease transactions, Lease Fix is a one-stop solution for lease accounting - contributing to easy management of leases under IFRS and USGAAP accounting standards.
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Lease Fix uses a range of technologies to boost performance across specific business functions. Furthermore, it has robust IT general controls to maintain strong IT security.
Its advanced technologies automate the process of extracting lease terms and clauses from the lease contract, and thereby enable accelerated extraction and saving of time.
The proprietary calculation engine quantifies the impact of these lease standards, including transition periods, and enhances lease calculations along with proper reporting and disclosure of both financial lease accounting and operating lease accounting under ASC 842 as well as the proper disclosures under IFRS16/Ind AS 116. The calculations are automated to increase efficiency and reduce human error.
PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.
It does not stop here, the use of group reporting packs add a new dimension to lease reporting, which helps in maintaining accurate lease records at both standalone and consolidated levels.
There is a provision to link your lease contract agreement(s) with the leases you create. This helps to maintain a reference for business purpose.
This tool is designed to support various forms of lease reporting, spanning from lease accounting, lease disclosure to business intelligence report, which can generate analytical insights for your lease management, and hence can add value to the entire process while ensuring the maximum security.
Monthly journal report
Lease summary report
JV report with GLs
Payment Schedule
Adjustment report
ROU Gross block
ROU class-wise
Lease Liability maturity
Group reporting packs
For further details contact : in_support_leasefix@pwc.com.