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What is IFRS 16?
IFRS 16 is a new lease accounting standard which applies to any business taking out high-value leases — on equipment, on floor space, on vehicles, and so on. If the lease contract is for a year or more, the business must add the lease to its balance sheet.
Organisations need to rethink how they record lease information and how they calculate the costs of such leases in their financial statements. Although the standard was formulated in 2016, the effective date for its introduction is 1st January 2019.
ICit has developed a solution accelerator for IFRS16 based on IBM Planning Analytics (TM1). ICit professional services team configure the solution to meet individual company requirements. The solution is owned by the customer as a one-time services led installation. We also offer ongoing application support if required.
No Additional Software Licensing Required
Existing IBM Planning Analytics (TM1) customers do not require additional software licenses (unless you need to add new unlicensed users to work with the application).