Karl Oscar RosliThe auditing and consulting company RSM helps its private and public clients comply with IFRS 16. House of Control talks to Danielle Stewart OBE, Head of Financial Reporting at RSM UK, about how the right software can make this onerous task much easier.
RSM are experts in IFRS
RSM help thousands of clients in the UK private and public sector meet detailed requirements. IFRS 16
is one of the standards that is most demanding for the CFO and the finance department to manage.
IFRS 16 changes how various leases are capitalized by recognizing a lease liability and right-of-use asset on the balance sheet.
“IFRS 16 is professionally demanding and requires a lot of work from finance teams. We assist our clients with legal and accounting expertise, so they can be confident their company meets requirements. Sometimes, however, the challenges go beyond skills and expertise: they are related to technology. This is when a package like House of Control’s IFRS 16 solution can makes such a difference” says Danielle Stewart, Head of Financial Reporting at RSM UK.
Together with her colleagues at RSM, she has helped many leading private and public companies comply with IFRS 16.
Stewart observes:
“It goes without saying that it is a big logistics job just to collect all the leasing agreements and get full control. The practical aspects of handling leasing contracts and contract data are complex. Many people spread across several locations enter into leasing agreements, yet the finance department needs a centralized overview. Options, currency, and changes in terms and the discount rate add to the complexity. A great way to handle this is with modern, digital tools”.
RSM is agnostic
RSM is agnostic when it comes to the client's choice of tools, but they recommend tools that are easy to implement and maintain. “We wish clients to have the best in terms of user-friendliness, security and - not least – functionality. In my opinion, House of Control’s IFRS 16 software can provide all of these,” concludes Stewart.
For more information about House of Control's IFRS solutions, visit the IFRS 16 software product page.
Access the exclusive webinar RSM UK and House of control are co-hosting
WEBINAR #4: IFRS 16 for the public sector in UK
Further reading:
- 10 reasons why a lease accounting software is the best solution for IFRS 16
- What functionality to look for in IFRS 16 software
- Customer story: "The only sound way to handle leases for a listed company"
- IFRS 16 Compliance: Lease accounting software vs. Excel
- How a large retailer handles 350 IFRS 16 leasing contracts
- Customer story: Manual compliance was never an option
- Converting to IFRS? 13 tips for best practice