Back in February 2016, The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASC 842) with the intention of improving on implementation the financial reporting of lease transactions whether the leasing of aircraft, property or equipment of any type – IT, copier, medical or manufacturing.

Approved Accounting Standards Amendments, Leases (Topic 842): Narrow-Scope Improvements for Lessors:

“It feels like retail is now closer to the precipice” Theo Paphitis is quoted in the Daily Telegraph Business Section (05/11/18). He was speaking specifically post-budget but whenever the retail sector is mentioned it is generally with a cloud foreshadowing doom. The online retailers, falling footfall in malls, empty shops in the high street all seem harbingers of doom.

From 1^st January 2019, most leases will need to be treated for accountancy purposes as if they were finance type leases – all leased assets (with just a couple of exceptions) will appear on the balance sheet along with all associated committed liabilities.

London, United Kingdom, October 25^th, 2018 - This year members of the Innervision team have committed to #GoSober for the month of October to raise money for Macmillian Cancer Support.

1^st January 2018 saw the deadline date for implementation of both IFRS 9 and IFRS 15 but for those charged with such compliance issues there is little respite with just 3 months (at the time of writing) to go to meet the regulations and standards set out in IFRS 16 which has a deadline date of 1st January 2019 and replaces IAS 17.

As the implementation deadline for new lease accounting edges ever closer. Where should companies be focusing their attention to ensure the deadline is met in an effective and timely maner. In this blog we explore the areas of focus organsiations should be pay particular attention to.

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.