There are a range of factors that will influence the cost of implementation and the ongoing subscription for LOIS, however, the primary factor is the volume of leases your organisation has which determines your subscription cost.
Cost per month can be as low as $1500 for 100 leases.
With the new lease accounting rules, LOIS will help you meet all the accounting reporting requirements and is able to handle all leased asset classes and agreement types including modifications and in life changes.
With years of leasing experience, our team has created a product that truly understands leasing.
Quadrent's partnership with Innervision also brings access to global intellectual property and development from across Europe, as well as benefits from Innervision’s relationships with the IASB, Standard and Poor’s, the Big 4 (PWC, EY, Deloitte and KPMG) and CIMA.
In addition, Quadrent has strong relationships with the Big 4 on both sides of the Tasman. LOIS is on the vendor list for PWC and EY in Europe and we run a LOIS Centre of Excellence with EY. LOIS also has ISO 27001 compliance.
Quadrent’s LOIS program is run by Stefan Iggo (CFO) who has a background in software development and program management. His team includes six expert users who are qualified accountants and two additional support staff.
The Quadrent team are also supported by the Innervision team in the city of London. Innervision has approximately 20 staff all associated with the LOIS program who manage and support a range of clients. We can support clients 24 hours a day if required.
It is often our experience that C-level executives consider IFRS 16 solely a compliance exercise and as such approach the new standard with a certain reluctance to invest in new systems.
Additionally, the complexities associated with IFRS 16 are often overlooked until departments are in the depths of rolling out new business as usual (BAU) practices covering the new standard.
This leads to an inevitable adoption of Excel by organisations and their accounting teams tasked with transitioning and maintaining IFRS 16 accounting.
Subsequently when leases begin to change the overhead cost in specialist advisors to calculate the mechanics of the modifications can be significant.
Whilst IFRS 16 accounting using Excel may appear to be the way forward for many CFOs, there are significant pitfalls associated with this approach that need to be considered.
We know that by having all your lease data in one central repository with strong reporting there is significant potential to leverage ROI benefits on your lease portfolio.
With the current environment in a constant state of change, it's important to ensure your Incremental Borrowing Rate (IBR) is up-to-date and correct, especially for modifications. This will help avoid any compliance issues or balance sheet inaccuracies down the track.
If you are unsure of why an IBR is important or how to calculate it, our friends at Deloitte have put together some handy FAQs covering the what, why, when and how of IBR.
Request a quote today and we will be in touch.