Lease portfolio management company
Innervision has promised a painless transition to the new lease
accounting regulations, with an upgrade to their IT system
LOIS.

The upgrade to the online content
management software, which Innervision claims will improve
flexibility and cost efficiency of companies, was developed so the
system could be easily tailored to individual client needs.

Each client will be able to enter not only
lease management data, but any asset information that they wish,
which Innervision states will remove the need for additional
databases or spreadsheets. The upgrade to LOIS also enables lease
data to be accessed online from anywhere in the world, a change
Innervision say will mean global consistency in available
information and the financial reporting of companies.

Innervision director Vincent Baczor said
the upgrade will help ease conversion to the IASB’s new
regulations, which will require leases to be included on lessee
balance sheets.

“Because of the accounting rule changes,
there is now a gap in the market for a system that stores and
records lease data and documents in one place allowing analysis,
tracking and financial reporting of everything that is leased or
rented, for all asset types and property,” he said.

Baczor added that the regulations, which
are due for a second draft exposure prior to further consultation
in 2012, leading to formal adoption no earlier than 2016, will
require companies to know of every single lease held, a rule he
feels is difficult to abide by under current management
systems.

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