How will IFRS 16 impact the public sector?Sarah Whitworth
Update 30 March 2020: In light of COVID-19 pressures, HM Treasury and the Financial Reporting Advisory Board (FRAB) have decided that IFRS 16 implementation in the public sector will be deferred for a further year, to 2021/22. This replaces the compliance deadline of 1 April 2020
Set to include all public funding, IFRS 16 has been developed to help streamline lease accounting practices across the public sector. Uncertainty around what some areas cover and what leases are included, has left many unsure on how they need to prepare themselves to be able to report on, and meet IFRS 16 lease accounting requirements.
From our recent experiences of implementing CCH Tagetik IFRS 16 Solution for Lease Accounting Management with major brands such as Smith & Nephew, TI Automotive and Gama Aviation – we have formed a clear picture of the key system capabilities that you need to have an efficient and compliant IFRS 16 solution. There are many IFRS 16 software solutions out there. At HAYNE Solutions, as qualified Accountants and Software experts, we work closely with leading financial performance management technology partner, CCH Tagetik, who offers a robust IFRS 16 solution.
Why listen to HAYNE?
- PUBLIC SECTOR EXPERIENCE – specialists working with the NHS and other public sector bodies
- QUALIFIED ACCOUNTANTS – we get you
- SOFTWARE EXPERTS – we understand the technology
- YOUR PARTNERS – from Strategy, Implementation to Training & Support
We are official UK CCH Tagetik Partners and we specialise in CCH Tagetik IFRS16 and can implement, train and support you on planning, training and implementing your CCH Tagetik solution. We don’t just sell the software, we become your partner and provide all the resources required for implementation; project management, consultancy and training.
Whatever stage of the journey towards meeting IFRS 16 compliance you’re at, why not do one of the following;