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WEBINAR #5: THE JOURNEY TO IFRS 16 COMPLIANCE FOR ASL AVIATION HOLDINGS

FREE and important IFRS 16 webinar

Date:  On demand

Duration: 20 min
Guest: Patrick Lacey, Group Finance Manager at ASL

Who is this webinar for: Controllers, accounting managers, directors, financial departments

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ASL AVIATION JOURNEY TO IFRS 16 COMPLIANCE 

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Webinar Topic

How ASL Aviation Holdings, a major European aircraft group, found a new IFRS 16 solution. 

Group Finance Manager Patrick Lacey talks to Paul Deora and Karl Oscar Rosli from House of Control about the challenges his team had.

Lacey describes the journey his finance team has been on to improve compliance – saving time, increasing precision, and reducing stress and dependency on key personnel.

 

5 requirements that were important for ASL Aviation

  • Linkage with leasing/contracts team

  • Reports at a consolidated level and company level

  • Disclosure reports reconciling one year to the next

  • Foreign currency translation impact of USD denominated leases in EUR companies

  • Update the leases for the challenges faced in 2020/2021 in a more efficient manner than they could produce in Excel


 

 

MORE INFORMATION ABOUT ASLS JOURNEY

ASL Aviation Holdings is comprised of aircraft leasing companies and airlines in Ireland, Belgium, France and South Africa, and joint venture airline in Thailand. The group own and externally lease over 130 aircraft, aircraft engines, properties for aircraft maintenance, properties for staff, car and other equipment leases. 


The nature of this structure leads to a complicated IFRS 16 environment for 
ASL, says Patrick Lacey, the Group Finance Manager. He has held the position since 2016, and he has a background in auditing from the Big Four network KPMG, where he stayed for eight years.

Until recently, the complicated IFRS 16 compliance work has been managed in Excel.

 

IFRS 16 compliance became gradually more challenging

“As IFRS 16 progressed into its third year of application, we were faced with new challenges. While we knew the accounting entries and what we wanted to get to, the big obstacles we encountered were how to ensure how the spreadsheet file continued to roll and reconcile from one period to the next while presenting the correct data. This unfortunately has left us with a number of manual reconciling adjustments as we prepare our final IFRS 16 numbers.”

 

Eventually, Patrick and his colleagues went looking for a new way to manage IFRS 16 compliance.

 

There were five requirements that the new IFRS 16 solution had to fullfil 

 

  • Linkage with leasing/contracts team
  • Reports at a consolidated level and company level
  • Disclosure reports reconciling one year to the next
  • Foreign currency translation impact of USD denominated leases in EUR companies
  • Update the leases for the challenges faced in 2020/2021 in a more efficient manner than they could produce in Excel

 

In this webinar, Lacey tells us about the journey his finance team has been on to improve compliance – saving time, increase precision, and reducing stress and dependency on key personnel.

 

Who should join?

Everyone working in financial departments, both specialist, managers and directors.

Extra information

  • We will share the recording of the webinar with you, so sign up even though you might not be able to join the live session
  • If have got a question to ask regarding IFRS 16 or the webinar, please send it to : mops@houseofcontrol.com

 

 

 

 

YOUR HOSTS FOR THE WEBINAR

Karl Oscar Rosli

Team leader & IFRS 16 expert

Linkedin: linkedin.com/in/karloscarrosli

E-mail: karl.oscar@houseofcontrol.com

Patrick Lacey


Group Finance Manager

Paul Deora

International sales

Linkedin: linkedin.com/in/pauldeora

Calendar availability: Check my calendar 

E-mail: paul.deora@houseofcontrol.com