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IFRS 16 - what you need to know

IFRS 16 – What you need to know

IFRS 16 brings with it the biggest changes to Lease Accounting in 30 years. Here is what you need to know in brief to get compliant.

FMIS Lease Accounting case study image of yellow car and AA logo

The AA uses FMIS Leasing software

Leasing software | AA Case study | FMIS Leasing software

Leasing software case study

Why the AA uses FMIS Leasing

The AA was recently confirmed as the UK’s most trusted brand*, so it’s great that they trust FMIS Leasing software to forecast, calculate and track the monthly leases for their operational fleet. FMIS was commissioned to reduce the total time it took to prepare the month end accounts for all of the fleet adjustments, additions and periodic forecasts. FMIS was able to reduce the time required for the whole process from several days to a matter of hours.

“The AA is a diverse business with several different types of operational vehicles and a complex VAT structure. We chose FMIS as our partner as they demonstrated how their system was flexible enough to meet our requirements. The FMIS support team are working closely with us to continually improve and develop the Finance Lease Software that meets our on-going requirements.”

Brian Burkett
Head of Finance
Flexible

The AA has a wide variety of lease types that the selected system had to be flexible enough to handle such as:

  • Periodic tax changes impacting irrecoverable VAT and the fixed assets values
  • Changing maintenance and service provisions
  • Multiple invoices within a period
  • Extensions of the lease term
  • Finance charges based on fixed rates
Reporting

Tailored dashboards allow all the key stakeholders from Operations through Finance to view the information they need, when they need it and in a format that is useful to them.

Support

As the AA’s requirements have developed, FMIS Leasing software has been flexible enough to grow with them. FMIS provides ongoing support for all their clients including regular product enhancements to ensure FMIS Leasing remains ahead of the game and compliant with all accounting standards, such as IAS17.

For more information on FMIS Leasing and other products, please see our product pages or contact one of the team directly at sales@fmis.co.uk or on +44 (0) 1227 773003.

* Source: Survey of more than 3,000 people in the UK aged 18-74 between 4 January and 7 February 2014 by Rainey Kelley Campbell Roalfe / Y&R’s BrandAsset Valuator (BAV).