Artificial Intelligence (AI) is an expression that is currently cropping up everywhere we look, hear and read.  

We are now almost four years (at the time of writing) on from the publishing of the new lease accounting standard IFRS 16 and the FASB 842 and preparers will be turning their minds to actually reporting under the relevant standard - transition to compliance now completed or nearing completion.

There are many hurdles, judgements and considerations in preparing a lease for compliance under the rules of IFRS 16.

Over the last 3 or more years Innervision has consistently monitored and reported on polls from various sources that have addressed the progress or lack of it concerning to the transition to and compliance with IFRS 16 and ASC 842.

There are plenty of bodies, boards, institutions and councils offering guidance on how you should present your accounts and financial reports.

As we near the end of 2019, it is time to look at just what IFRS 16 has meant to you and to other businesses.

We are now into the final calendar quarter of 2019. If pertinent to your organisation, then the transition to and compliance with IFRS 16 will be complete or nearing completion.

IRIS Software Group is today 5^th September 2019 announcing its acquisition of Innervision, a global provider of lease accounting software, lease management consultancy and services.

IFRS 16 specifies how a business reporting under IFRS will recognise, measure, present and disclose leases in its financial statements.

On this episode of Applying IFRS 16, Irene Johnson, Systems Accountant and Implementation Manager at Innervision, shares the key activities and milestones involved in a typical LOIS Lease Accounting (LLA) implementation timeline, the factors impacting project completion schedules and what to prioritise to ensure your lease accounting project runs smoothly.