Everything your company needs for its IFRS 16 reporting

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IFRS in theory and in practice

What is IFRS 16?

The new lease standard IFRS 16 that has now replaced IAS 17 entered into force as of January 1, 2019. The standard introduces changes primarily for the lessee; there is little change for the lessor.

For lessees, IFRS 16 effectively does away with the terms financial and operational leasing from an accounting perspective and instead applies the principle of right-of-use assets. All lease liabilities must be recognized, regardless of the type of lease.

According to the simplified approach, it is possible to exempt leases that are low-value and short term, which according to the interpretation means leases that refer to assets with a value of less than EUR 5,000 and leases that have a remaining term of twelve months or less.

This standard is based on the view that the lessee has a right to use an asset for a specific period of time and at the same time an obligation to pay for this right.

The debt/equity ratio KPI changes when the liabilities in the balance sheet increase.

The classification in the income statement changes from being recognized as a leasing expense to being recognized as depreciation (for the asset) and interest expenses (for the lease liability). This results in an improved operating profit but impaired net financial items.

Classification in the cash flow statement. Lease expenses that were previously classified as operating activities will only continue be operating expenses to the extent they refer to interest expenses (assuming that the company applies a policy of recognizing interest in its operating activities).

Need help with IFRS 16?

Leasify provides you the documentation you need for financial reporting in only a few easy clicks.

Leasify provides you the documentation you need for financial reporting in only a few easy clicks.

All of the necessary information for IFRS 16 can be used in a smarter and significantly more modern and dynamic way—profitably and effectively.

Leasify’s service was developed based on input from many of our 1,900 customers and through workshops with large auditing firms on the Swedish and global markets.

Would you like to know more about how Leasify can help you with IFRS 16? Book a demo or contact us below.

Why Leasify is right for your company

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Contact Leasify for more information about IFRS 16 or schedule a demo

All it takes is 15 minutes for us to show you how easily Leasify can help your company gain control over your IFRS 16 reports. Complete the form with your desired time, and we will reply with a meeting invitation. The meeting takes place online through Microsoft Teams or whatever video platform you prefer.

Use our ”booking” page if you want to match a time directly with us for a product demo. You can choose from open time slots on the page.

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Why Leasify?

If you apply IFRS 16 in your accounting, the new rules mean that you need more and clearer information about your contracts than before.

Through Leasify’s service, you simply choose your preset quarterly report and period, and a report is generated immediately. You can choose to download the report in PDF or Excel format.

You receive a comprehensive and detailed IFRS 16 report that fulfills your obligations. Notes are illustrated, and the report contains comprehensive information about liabilities, opening and closing lease balances, deferred tax, etc. It is also easy to access each individual contract through Leasify.

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