At the start of the month, Real Asset Management sponsored Infoline’s Implementing IFRS 16 conferences. The events were held in the Bloomsbury Hotel in London and gave attendees tips in preparing for the forthcoming lease accounting regulation changes as well as providing them with background details and information about where other companies are with their preparations.
The events were well-attended, with speakers from Deloitte, PWC and the IASB contributing to an information-packed couple of days! Organisations from all over the world were represented and we were lucky enough to have detailed chats with a wide variety of delegates. Finance professionals flocked to our stand, eager to learn more about our lease accounting software.
It seemed that many attendees we spoke with are in the ‘Data collection’ phase of the implementation process, getting all lease data collated and ready to input into a specialist solution. Most agreed that now is the time to start looking at lease management systems and were keen to have a look at what our software can offer. The main message we got from the events was that, “Organisations need to start moving forward!”
The most time-consuming part of the transition towards IFRS 16 compliance will be the initial lease data collection exercise, which is the stage many organisations are at now (you’re not alone!) We’re sure there are also many companies that still haven’t begun to collate the required information, but it really is time to start getting a move on otherwise it might prove to be a struggle to hit that deadline!
The few delegates we spoke with that had already completed the collection exercise, were keen to see how they could enter the information into our software and use it to manage expenses, obligations, schedules and all other aspects of lease accounting. If you are in a similar position, why not give us a call or an email and we will be happy to organise a demonstration of our software, or to provide some advice on what your next step towards IFRS 16 compliance should be!