Lease Fix: Ease the Lease

Implementation of lease accounting standard with Lease Fix

The lease accounting standards are prompting companies to re-engineer the way they manage and report lease agreements for compliance and ongoing lease management. The need to gather and analyze relevant data to comply with these standards poses significant challenges for many organizations.

This process could help to improve the way companies collect data and the insights they receive from it in the future. PwC India’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.

The companies need to assess the extent of the standards’ impact so that they can address the wider business and organizational changes as may be required.

Lease Fix is a solution that helps to identify, collect, analyze and report data for enhanced compliance and control on lease agreements in accordance with Ind AS 116/IFRS 16/ASC 842. With features such as group reporting packs and lease summary reports, this comprehensive tool ensures that every aspect of lease management is handled efficiently; like lease modifications, lease adjustments, lease rental escalations, lease reassessments, lease renewals and terminations - all tasks can be performed effortlessly and seamlessly.

It combines several key features, and enables companies to address data-related challenges, quantify lease rentals and automate lease calculations while managing the technical requirements of the lease accounting standards. With simplified lease treatment and faster lease transactions, Lease Fix is a one-stop solution for lease accounting - contributing to easy management of leases under IFRS and USGAAP accounting standards.

04/10/21

Benefits of Lease Fix

Enhanced control for lease management
Accelerated extraction of lease terms
Automated calculations of lease transactions: Finance and operating leases
Technical expertise
Analytical reporting and lease summary reports
Linked-lease agreements
Contract Governance

Enhanced control for lease management

Lease Fix uses a range of technologies to boost performance across specific business functions. Furthermore, it has robust IT general controls to maintain strong IT security.

Accelerated extraction of lease terms

Its advanced technologies automate the process of extracting lease terms and clauses from the lease contract, and thereby enable accelerated extraction and saving of time.

Automated calculations of lease transactions: Finance and operating leases

The proprietary calculation engine quantifies the impact of these lease standards, including transition periods, and enhances lease calculations along with proper reporting and disclosure of both financial lease accounting and operating lease accounting under ASC 842 as well as the proper disclosures under IFRS16/Ind AS 116. The calculations are automated to increase efficiency and reduce human error.

Technical expertise

PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.

Analytical reporting and lease summary reports

It does not stop here, the use of group reporting packs add a new dimension to lease reporting, which helps in maintaining accurate lease records at both standalone and consolidated levels.

Linked-lease agreements

There is a provision to link your lease contract agreement(s) with the leases you create. This helps to maintain a reference for business purpose.

Contract Governance

This tool is designed to support various forms of lease reporting, spanning from lease accounting, lease disclosure to business intelligence report, which can generate analytical insights for your lease management, and hence can add value to the entire process while ensuring the maximum security.

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Key differentiators

Automated lease calculations and lease reporting
Hassle-free lease treatment and transactions
Secured cloud-based hosting and ensured data privacy
Artificial Intelligence (AI) enabled
ITGC and SOX controls enabled and compliance
Easy and simplified user interface
Lease accounting and disclosure reports
Supports multiple legal entities within a group in a single instance

Supports lease transactions in all foreign currencies
Allows lease modifications including lease adjustments, lease renewal, termination, and lease reassessment, along with subsequent changes with comparative analysis.
Enhanced lease reporting, including customizable reports for budgeting, forecasting and internal MIS reporting like JV reports with GL mapping, Lease liability maturity report, Disclosure report covering the disclosure requirements under Ind AS 116/IFRS 16.
Consider all aspects of lease accounting including ARO, lease reassessment, upfront cost, security deposits, lease rent escalation.