On demand video - Don't let IFRS 16 ruin your year end!

As the end of the financial year approaches for many businesses in Australia, now is the time to make sure your IFRS 16 accounting compliance is up-to-date and accurate to ensure you aren’t caught out by any nasty surprises that impact your balance sheet.

On the 10th June 2021, we hosted a panel discussion webinar to enable you to get a better understanding of what auditors will be looking for in your IFRS 16 compliance and get some best practice advice from a market leader in the transport and logistics industry with a complex lease portfolio (Freightways). We were joined by the following guests:

John Askham – Director, Financial Accounting Advisory Services at EY

John is based in EY's Sydney office assisting a large number of public and private sector clients with the practical aspects of IFRS 16.

Stephen Micallef – Group Financial Controller at Freightways

Stephen has a breadth of commercial experience working in publicly listed and multinational businesses, developing specialist skills in M&A, financial/corporate reporting, strategic planning, and finance analysis & forecasting.

Stefan Iggo – CFO at Quadrent

Stefan drives the LOIS (Quadrent’s IFRS 16 lease accounting SaaS solution) team. His experience in assisting clients across a multitude of industries with their transition to IFRS 16 combined with his background in leasing allows him to have a unique perspective on the market.

Below are the main discussion points that were covered and the on demand video to view.

00:58 - Introduction and overview

04:25 - Completeness and accuracy of lease data

15:28 - Low value and short-term leases

21:35 - COVID accounting

28:50 - What are auditors going to be pinpointing around IFRS 16 this reporting period

31:05 - Areas of audit concern we are hearing about from LOIS clients

33:38 - Areas of audit compliance that Freightways will be focusing on

37:08 - Overview and wrap up