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Lease agreements get modified all the time; due to a change in the asset or a variation in the lease timeline and price. These modifications are nothing new; however, with the mandate of the latest IFRS 16 Lease this year, entities following the IFRS standard must adhere to the new accounting practices. The IFRS 16 Lease implementation is one of the most disruptive and complicated changes to the Lease standards ever. According to this, a lessee is required to recognize a Right of Use (RoU) asset to represent its right to use, and a lease liability to represent its obligation to make lease payments. The lease liability is measured at the present value of the lease payments and calculated over the lease term.
The leasing business volume is on the rise states the annual Global Leasing Report 2019 by the White Clarke Group and the World Leasing Yearbook. The report says that North America (the US, Canada, and Mexico), Europe, and Asia accounted for US$1,282.73bn (95%) of the global leasing business volume in 2017. It was increased by close to US$183bn from 2016 – a 16.6% growth. This North American marker is followed immediately by China (US$265.68bn), UK (US$92.45bn), Germany (US$78.32bn), Japan (US$60.47bn), and France (US$49.78bn). Other regions that have their share of the pie include Australia/New Zealand (US$31.5bn), South America (US$17bn), and Africa (US$5.7bn).1

How to adhere to IFRS 16 regulations and build a competitive advantage

2 min

For adapting your company processes to the IFRS 16 standart, you don’t need to implement a whole new ERP system.

Can we overcome the challenges faced by the leasing companies?

2 min

How leasing companies can increase customer satisfaction and optimize their processes: contracts', purchase management, monthly invoicing, reporting?

Stop pushing your content, start creating value

2 min

Stop pushing your content to the audience, instead, understand the value that the content brings to the reader.

Role of Humans in Industry 5.0

Digitalization has created a new paradigm in manufacturing—where factories are becoming more modern and sophisticated. The use of technologies such as IoT, robots, automation, sensors, advanced analytics, and artificial intelligence has revolutionized industrial-scale production, and its impact can be seen globally. Although the manufacturing industry aspires to setup near-total automated factories to achieve cost savings, it has raised concerns about eliminating human jobs.

Document chaos is a quality and compliance risk

How long does it take you to find all the documents that relate to a given project, supplier, product launch, marketing campaign or supplier audit? What if it took you 10 seconds?

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