It is common for entities within the mining and materials sector to lease a substantial number of big-ticket assets that are impacted by IFRS 16, such as: excavators, conveyor equipment, underground crushers, storage warehouses, material handling equipment and trucks.
Under the IFRS 16 standard, many of these assets and liabilities need to be brought onto a lessee’s balance sheet. This PDF will provide you with information about the implications of IFRS 16 for the mining and materials industry. It will answer all your questions related to:
Definition of a lease
The impacts on the mining and materials industry
You have the ability to load your own data and conduct scenario analysis inhouse using the Excel upload template configured to your master data requirements. This is at no additional cost and our onboarding team will provide guidance as required.
There is no waiting around for the development of core functions. LOIS has a large number of clients that have been through a reporting cycle, therefore LOIS has dealt with real-world scenarios.
This is not a software implementation but an accounting/lease compliance project. Our highly configurable, but very standardised templated approach results in an extremely fast implementation pathway with minimal internal resource required from you.
In addition to fully automated calculations and journal processing, LOIS' functionality is built to connect with other systems. This allows for speed when implementing, uploading and downloading, via Excel or API.
We explore the pros and cons of using spreadsheet applications such as Excel for maintaining ongoing IFRS 16 compliance.
This ebook will provide all the information you need about LOIS, our lease accounting solution that will help you comply with the accounting standards IFRS 16 and FASB ASC 842.