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Equipment Finance News European finance firms urged to embrace automation to manage IFRS 16 compliance Published: 4th December 2019 Share The European finance sector is approaching the end of its first full reporting cycle under legislation set out in IFRS 16, but few companies are using automation to reduce administration and remain compliant, according to new research. A survey of more than 100 accountants across Europe by lease accounting software solution provider LeaseAccelerator found that one-in-five have implemented an automated system. Respondents blamed a number of challenges, including the difficulty of modifying business processes. John Kuett (pictured), vice-president at LeaseAccelerator, said: “A challenge has risen for lenders to provide their customers with the information required for the lessees to perform timely and accurate IFRS 16 accounting. “Lenders must have a faster and more efficient communication of these changes with their customers to ensure that accurate accounting is recognised by the lessee.” Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsUS equipment finance confidence hits three-year high NewsAlba Leasing and Banca Sistema announce partnership NewsDLL and Kempower partner to drive EV charging accessibility Equipment Finance
