London, United Kingdom — 15^th October 2018 — 11 am (BST) — In a major step towards IFRS 16 compliance, Shoe Zone Retail Ltd a leading UK footwear retailer has reached an agreement with Innervision Management Limited a leader in global enterprise lease accounting software, to transition to the new accounting standard using Innervision’s LOIS Lease Accounting (“LLA”) solution.

London, United Kingdom & Toronto, Canada — 11th October 2018 — 2.30 pm (BST) — Innervision Management Limited of the UK has entered into a three-year agreement to make available its LOIS Lease Accounting solution “LLA” to Akumin Corp., a diagnostic imaging service business operating in several states in the United States and a subsidiary of Akumin Inc., a company listed on the Toronto Stock Exchange (TSX: AKU and AKU.U).

London, United Kingdom — 4^th October 2018 — 3:45 pm (BST) — In a statement detailing a new agreement, Innervision Management Limited confirmed that London Security plc, a leader in Europe’s fire security industry is to utilise its purpose-built lease accounting solution - LOIS Lease Accounting (“LLA”) as it undertakes its transition to IFRS 16 compliance.

Issued by the IASB, IFRS 16, published in 2016, replaces its counter-regulation IAS 17 and will apply for all and any annual accounting periods from January 1^st, 2019.

London, United Kingdom, September 24^th, 2018 - Innervision staff and its selected customers are benefitting from the company’s contribution to Recycling Week.

London, United Kingdom — 18th September 2018  — 11:30 am (GMT) Innervision Management Ltd (“Innervision”), has been able to confirm that Allport Cargo Services Ltd (“ACS”), is to utilise Innervision’s purpose-built software solution, LOIS Lease Accounting (“LLA”), to support its transition to and compliance with, the recently adopted accounting standard IFRS 16.

For annual accounting periods from January 1^st, 2019 IFRS 16 replaces IAS 17 and its associated interpretations. This new standard, just like IAS 17 before it deals with the accounting treatment of leases, but it is fair to say in a more prescriptive manner than just setting out guidelines to be interpreted.

It may be a slight exaggeration but generally, all businesses whether in the private or public sectors use leasing as a means to acquire the use of assets and/or property in their operations. And with this in mind, the IASB and FASB have been attempting to draft, design and develop a standard for recognising the asset and any associated financial liabilities now or in the future. In 2016 the standard in the form of IFRS 16 was issued by IASB and as FAS 13 (update ASC842) by FASB.

Wouldn’t it be great if all elements or components within a lease agreement related to the lease and would, therefore, fall under IFRS 16? However, contracts often combine different obligations from suppliers which result in different lease components and separate non-lease components.

Whether you are an individual or a business and whether your acquisition is for personal or business use there are various ways of financing that asset. Which you choose will depend on a combination of experience, preference, requirement, estimated usage, availability and financial options and restrictions.