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Lois provides you with a consolidated view of all leases within your business structure and full IFRS 16 compliance whether it be one entity or a global corporate. Delivered by Quadrent.
CONSOLIDATED FEATURES
IFRS 16 Transition and Report
LOIS can handle all transition methods and exemptions with ease. Run different scenarios so you can model each transition method and assess the impact on key financial statements.
Run multiple lease accounting reports for numerous accounting standards (IAS 17, IFRS 16 and FASB ASC 842). Instantly see how your critical performance metrics change under each standard.
- Relevant accounting report showing asset, liability, future rentals and disclosure summaries
- All relevant journals
- IAS17 vs IFRS16 showing the difference in reporting outputs based on the reporting rates of the leases held in the system
LOIS’s full suite of standard reports provides you with all the tools required to help ensure a successful transition to either IFRS 16 or FASB ASC 842. Track your progress from beginning to end.
- Forecasting reports
- Movements between defined date parameters
All leases & data in one place
The LOIS user dashboard provides you with a consolidated overview of all the active leases within your organisation.
Use this information to:
- Present the initial scope of the project
- See how active leases are distribution globally
- Recognise leases that require immediate attention
- View and analyse data dependent on the selected search criteria set by the user
- Key financial metrics and ledger overview
- Drill down functionality
Simple to add leases
Upload your lease data with ease, LOIS can manage Property, Fleet and IT equipment. Ensure all your critical lease information is centralised in one place.
LOIS has a simple and intuitive format which allows entry of all types of leases either manually, through a customised Excel template or with full integration into other in-house systems via a bespoke API integration tool.
- Regular and Irregular profiles (multiple rentals with different periodicities)
- Multi-asset addition
- Unlimited document storage for all aspects of leases
- Ability to save mid input as Draft Lease or confirm to Activate a lease
LOIS records leased asset data in as much detail as you need. Use custom fields to save information such as millage limits for vehicles, square metres for buildings, serial numbers for IT equipment or usage hours for forklifts.
Manage lease lifecycle
All in-life lease amendments are catered for, adhering to the IFRS 16 and FASB ASC 842 standards covering all modifications. Make business as usual an easy process with all forms of modifications catered for within the system via an intuitive in system wizard or for bulk updates of multiple leases the use of an in system template. Covers all modifications:
- Full extensions
- Part terminations
- Full early terminations
- Consideration changes
- Indexation price changes (IFRS)
- Rental corrections and impairments
- Comprehensive accounting reports and summaries showing user selected periods
Amortisation and depreciation schedules
At the commencement of a lease, LOIS generates an asset and amortisation schedule based on the financial information input into the system. With each modification to the lease, a new amortisation and asset schedule is created and stored to allow retrospective reporting based on the schedules in play at that time. These schedules drive the accounting output.
LOIS will also generate the complex calculations and all transition options with ease, whilst providing full general ledger functionality and a comprehensive audit trail.
Journals are created in the system for both IFRS 16 and FASB ASC 842 accounting entries. LOIS also has it’s own generic general ledger codes associated with each event in a lease’s life. These codes can be mapped to the user’s general ledger codes. Journals can be exported to Excel for upload to the general ledger or avail of the GL API to remit the journals to the user’s general ledger in an automated fashion.
Workflows, Multiple Users & Hierarchy
Create multiple user accounts with customised access levels so you can work with the real- time data you need. LOIS is designed for everyone in your organisation who is involved with leasing.
LOIS enables your business setup to be done quickly and effectively within weeks. All aspects of your customisation can be done and LOIS can provide full lease management without having to change all your existing systems and process.
- Dual approval process and workflow with reminders for both user actions and life cycle actions around end of lease and renewals / options.
- Multi level hierarchy and security which is fully customised
- Unlimited user access
- Audit tracking of all user access and modifications / amendments
- Cost centre allocations and aggregation
LOIS is a leading innovation in lease portfolio management. Developed by our experienced leasing partners INNERVISION, it offers numerous functions and reporting tools to help you manage leases and assets from inception to expiration. In addition LOIS will do all aspects of the transition to IFRS16 accounting standards from the collation of data to the forecasting and impact on a business balance sheet.
LOIS is intuitive, simple and effective.
Using the world leading solution, the Quadrent team will produce and provide all the critical lease information as a managed service to ensure full compliance with IFRS 16. By using LOISlite clients will have access to a proven system and technical specialists who will produce outputs required under IFRS 16.
Run by Experts
LOISlite is the next iteration of LOIS, run by experts, that will allow clients to easily evaluate their entire portfolio of assets and quantify the impact of the new standard. This will enable a simple and efficient ongoing business process.
LOISlite is a cost effective IFRS 16 solution that negates the need for internal resource and a full system, while still using a proven platform.
LOIS CUSTOMERS
AUSTRALASIA SUPPORT
A leading provider of flexible asset funding to businesses
in Australasia for over 15 years.