Overview
Implementation of lease accounting standard with Lease Fix
The new lease accounting standard is leading 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 the new accounting standard poses significant challenges for many organizations.
The new lease accounting standard is leading companies to re-engineer the way they manage and report lease agreements for compliance and ongoing lease management.
This process could help to improve the way companies collect data and the insights they receive from it in the future. PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.
All companies will need to assess the extent of the standards’ impact so that they can address the wider business and organisational changes as may be required.
Lease Fix is a solution that helps to identify, collect, analyse and report data for enhanced compliance and control on lease agreements.
It combines several key features, and enables companies to address data-related challenges, quantify lease rentals and automate calculations while managing the technical requirements of the lease accounting standards.
Lease Fix
Benefits of Lease Fix
- Enhanced controls
- Accelerated extraction of lease terms
- Automated calculations
- Technical expertise
- Analytical reporting
- Contract Governance
Enhanced controls
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, and thereby enable accelerated extraction and saving of time.
Automated calculations
The proprietary calculation engine quantifies the impact of these new standards, including transition periods. 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
It does not stop here, through integration with ERP, the output can be directly posted on the general ledger.
Contract Governance
This tool is designed to support various forms of reporting, spanning accounting, disclosures and business intelligence, which can generate analytical insights for your management, and hence can add value to the entire process while ensuring the maximum security.
Key differentiators
- Automated calculations and reporting
- Secured cloud-based hosting
- Artificial Intelligence (AI) enabled
- ITGC and SOX controls enabled and compliant
- Easy and simplified user interface
- All accounting and financial disclosure reports
- Supports multiple legal entities within a group in one single instance
- Support lease transactions in all foreign currencies
- Allow modifications and subsequent changes with comparative analysis
- Integration with ERP at input and output levels
- Enhanced reporting, including customisable reports for budgeting, forecasting and internal MIS reporting
- Consider all aspects of lease accounting including ARO
Assistance with all your reporting needs
Accounting
Monthly journal report
Lease summary report
JV report with GLs
Disclosures
Financial statement disclosures:
ROU Gross block
ROU class-wise
Lease Liability maturity
Borrowing's classification
Group reporting packs
Business intelligence
Lease analytics
Payment schedule
Interactive charts
YoY - P/L impact
Non-GAAP measures
Built by using sturdy platforms
Responsive user interface
Business component layer
Relational database
Document management
Analytical reporting
Have you reached out to your contacts to schedule a demo?
For further details contact : in_pwc_leasefix@pwc.com
