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LeaseAccelerator and PwC Convene Industry to Discuss Imminent AASB 16 Lease Accounting Deadline
By: Business Wire
May. 15, 2019 06:44 PM
LeaseAccelerator, the pioneer in the Enterprise Lease Accounting software market, will convene the east coast business community to discuss the looming AASB 16 lease accounting deadline at events in Sydney and Melbourne this week.
LeaseAccelerator’s head of lease accounting John Kuett will present on international companies’ experience implementing IFRS 16 (the international standard upon which AASB 16 is based). Mr Kuett will join experts from PwC to discuss the new standards.
Mr Kuett has been a financial reporting specialist for more than 20 years, with experience spanning the US and EMEA. Currently based in Switzerland, Mr Kuett is an IFRS expert specialising in topics including IFRS 15, IAS 16 and IFRS 16. Mr Kuett led the implementation of IFRS 16 at Nestle, which was an early adopter on the full retrospective basis, and he will share his experience in implementing IFRS 16 s with audiences in Australia.
“Australian companies have some ‘last mover advantage’ here due to their reporting cycle,” he said. “While it’s true that companies everywhere have tended to underestimate the complexity of this particular new standard, I think Australian companies will be able to take many learnings from their international counterparts to make the journey a little easier.”
Recent research from LeaseAccelerator in Australia showed that AASB 16 will see almost $100 billion brought on to the balance sheets of the ASX 100 when the first reports are submitted under the new standard in July. Developed over a decade by the International Accounting Standards Board (IASB) in response to scandals including Enron and WorldCom, globally the new standards will bring an estimated $3 trillion on to balance sheets worldwide.
The events, Tackling AASB 16: Hindsight is a wonderful thing, but foresight is better! Lessons learned from the first reporting period in the US will run next week. Details are:
LeaseAccelerator offers the market-leading SaaS solution for Enterprise Lease Accounting, enabling compliance with the current and new lease accounting standards. Using LeaseAccelerator’s proprietary Global Lease Accounting Engine, customers can apply the new standards to all categories of leases including real estate, fleet, IT and other equipment at an asset-level. On average, LeaseAccelerator’s Lease Sourcing and Management applications generate savings of 17 percent on equipment leasing costs with smarter procurement and end-of-term management. Learn more at http://www.leaseaccelerator.com.au.
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