Schedule a demo
Implementation of lease accounting standard with Lease Fix
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.
2:29
Lease Fix
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.
Benefits of Lease Fix
- Enhanced control for lease management
- Accelerated extraction of lease terms
- Automated calculations of lease transactions: Finance and operating leases
- Technical expertise
- Analytical reporting and lease summary reports
- Linked-lease agreements
- Contract Governance
Enhanced control for lease management
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.
Accelerated extraction of lease terms
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.
Automated calculations of lease transactions: Finance and operating leases
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.
Technical expertise
PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.
Analytical reporting and lease summary reports
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.
Linked-lease agreements
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.
Contract Governance
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.
Clientele
+
Leases under management
+
Multinational companies
operating in India, Middle East,
Africa and Americas
ISO 27001:2022
Certified
SOC 1 and SOC 2
Compliant
VAPT
Compliant
Key differentiators
- Automated lease calculations and lease reporting
- Hassle-free lease treatment and transactions
- Secured cloud-based hosting and ensured data privacy
- Artificial Intelligence (AI) enabled
- ITGC and SOX controls enabled and compliance
- Easy and simplified user interface
- Lease accounting and disclosure reports
- Supports multiple legal entities within a group in a single instance
- Supports lease transactions in all foreign currencies
- Allows lease modifications including lease adjustments, lease renewal, termination, and lease reassessment, along with subsequent changes with comparative analysis.
- Enhanced lease reporting, including customizable reports for budgeting, forecasting and internal MIS reporting like JV reports with GL mapping, Lease liability maturity report, Disclosure report covering the disclosure requirements under Ind AS 116/IFRS 16.
- Consider all aspects of lease accounting including ARO, lease reassessment, upfront cost, security deposits, lease rent escalation.
Assistance with all your reporting needs
Accounting
Monthly journal report
Lease summary report
JV report with GLs
Payment Schedule
Adjustment report
Disclosures
Financial statement disclosures:
ROU Gross block
ROU class-wise
Lease Liability maturity
Group reporting packs
Built by sturdy platforms
Business component layer
Seamless user interaction and smooth operation
Relational database
Document management
Analytical reporting
Have you reached out to your contacts to schedule a demo?
For further details contact : IN-ADVS-LeaseFixServices@groups.pwc.com.
Follow PwC India
