As you might be aware, IFRS 16 replaces IAS 17 and is the new lease accounting standard. It was issued in January 2016 and will become effective for financial periods beginning on or after 1st January 2019.
IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases across the organisation with a term of more than 12 months.
You will need to gather necessary data to create a central inventory of lease information including all property and equipment. As a global organisation, you will need to gather, validate and standardise information across all foreign locations which may require language translation.
Today Translations will:
As your global language partner, Today Translations will enable you to identify, abstract and manage multilingual content through our cost-effective tailored information extraction service.
Only relevant pieces of information will be translated, providing you with a streamlined solution and preparing you for the accounting transition under IFRS 16.
A global fashion brand required Today Translations to extract key information from leases across their Japanese and Chinese retail outlets. The inventory of information was translated into English for internal audit and regulatory compliance.
Today Translations formed a project team including qualified linguists with sector experience to review leases in the original language.
The lease abstraction service provided the client with cost savings of 89% vs. translating the entire leases and enabled them to reduce the overall turnaround time from weeks to days.
Chairman, Today Translations
Senior Account Manager, Today Translations