How will IFRS 16 impact the public sector?

Back to News & Blog

How will IFRS 16 impact the public sector?

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.

Read the full IFRS 16 requirements here or check out this statement from CIPFA (Chartered Institute of Public Finance and Accountancy).

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
  • 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.

What next?

Whatever stage of the journey towards meeting IFRS 16 compliance you’re at, why not do one of the following;

More resources:

CCH Tagetik
HAYNE Cloud Solutions for the Finance Team
Print Friendly, PDF & Email

Share this post

Back to News & Blog