IFRS16 Readiness Survey

How ready is your organisation for the impending IFRS 16 adoption deadline?

IFRS 16 among a variety of other accounting standards changes is a pretty big headache for a lot of organisations. Our experience is that a lot of organisations have some level of awareness, however they may not realize just how difficult this challenge might be.

The intention of our brief 10 question survey, is to gauge just how ready organisations are. Towards that end, we will at the end of the process issue a summary of the results of this survey along with commentary on the state of IFRS 16 and what you can do to ease your transition to this new standard.

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Question Title

* 1. Do you have a clear understanding of the potential impact IFRS 16 will have on your business processes and your reported financial statements.

1 (low)

5 (high)

1 (low)

5 (high)

Question Title

* 2. Please estimate how many of your contracts qualify as a lease under IFRS16

0 to 500 Leases

>500 to 1000 Leases

>1000 to 5000 Leases

>5000 Leases

Question Title

* 3. How would you rate your organisations planning for the process of adoption/migration to IFRS16?

1 (low)

5 (high)

1 (low)

5 (high)

Question Title

* 4. How confident are you that you will meet the deadline for adoption?

1 (low)

5 (high)

1 (low)

5 (high)

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* 5. Have you chosen the “technical” method of adoption?

Fully retrospective

Modified approach (calculate at transition date)

Modified approach (recalc from lease commencement date)

Other variation (applying exemptions/expedients)

Still considering options

Not started the process yet

Question Title

* 6. What systems enhancements/solution have you decided on to support the process of adoption and on-going application of IFRS 16?

ERP Upgrade / Module

Specialist software (Leasing/IFRS16 solutions)

Hybrid solution (Excel + Leasing software)

Excel only

We have not worked that out just yet

Other (please specify)

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* 7. How advanced is the implementation of your chosen systems enhancements/solution?

1 (low)

5 (high)

1 (low)

5 (high)

Question Title

* 8. To what extent have you inventoried your lease contracts and identified what data exists and in what form it is accessible.

1 (low)

5 (high)

1 (low)

5 (high)

Question Title

* 9. Given the data requirements for the method of adoption you have chosen, how would you rate your data, quality and completeness

100

Clear

i We adjusted the number you entered based on the slider’s scale.

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* 10. How well is the business prepared for the shift over to IFRS 16 in terms of new business process guides, procedures, staff training and up-skilling

100

Clear

i We adjusted the number you entered based on the slider’s scale.

Question Title

* 1. Do you have a clear understanding of the potential impact IFRS 16 will have on your business processes and your reported financial statements.

Question Title

* 2. Please estimate how many of your contracts qualify as a lease under IFRS16

Question Title

* 3. How would you rate your organisations planning for the process of adoption/migration to IFRS16?

Question Title

* 4. How confident are you that you will meet the deadline for adoption?

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* 5. Have you chosen the “technical” method of adoption?

Question Title

* 6. What systems enhancements/solution have you decided on to support the process of adoption and on-going application of IFRS 16?

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* 7. How advanced is the implementation of your chosen systems enhancements/solution?

Question Title

* 8. To what extent have you inventoried your lease contracts and identified what data exists and in what form it is accessible.

Question Title

* 9. Given the data requirements for the method of adoption you have chosen, how would you rate your data, quality and completeness

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* 10. How well is the business prepared for the shift over to IFRS 16 in terms of new business process guides, procedures, staff training and up-skilling

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* 11. Any other comments?