LeaseSolution Appoints Link Asset Services as LS2 Distributor
LeaseSolution has today announced the appointment of Link Asset Services as sole distributor of LS2, its lease accounting software solution for IFRS 16.
Designed by users for users, the LS2 software addresses every aspect of lease management and lease accounting reporting. With unlimited flexibility for customisation, LS2 includes the option to be treated as a bespoke solution to meet any unique requirements. Combined with this technology is Link’s expertise in helping clients in the process of gathering and storing data, updating processes, contracts, and understanding the tax considerations of the changes.
The new lease accounting standard, IFRS 16, comes into effect on 1 January 2019 and requires businesses to account for their leases under a single accounting treatment. The primary objective of the change is to make it easier for investors, credit rating agencies, and key stakeholders to compare companies and have a clearer picture of off-balance sheet lease obligations.
Virtually every industry uses leasing to obtain access to assets and will feel the impact of IFRS 16. However, the type and volume of assets that they lease, as well as the terms and structures of these lease agreements, will differ significantly.
Vince Baczor, Director, LeaseSolution comments: “IFRS 16 is just around the corner and businesses are still worryingly ill prepared. We are delighted to have finalised the terms of our relationship with Link Asset Services to offer broad specialist experience on a very large scale to help businesses facilitate this significant change.”
Alongside LS2, Link Asset Services offers market-leading treasury and asset finance solutions to international businesses, in both the corporate and public sectors.