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

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

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

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* 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?

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* 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?

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

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* 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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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

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

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* 11. Any other comments?

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