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