kpmg lease managed services (lms) · 2021. 1. 27. · kpmg lms supports the management of multiple...
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KPMG Lease Managed Services (LMS)
November 2020
Does your lease model comply with
recent IFRS 16 updates?
Do you have the in-house
capability to manage
IFRS 16 lease accounting?
Do you have an in-house IT tool to support
the finance team?
Key challenges
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Secured cloud based KPMG Lease Managed Services
KPMG Lease Managed Services (KPMG LMS) assists businesses in complying with IFRS 16. KPMG LMS supports the management of multiple lease contract, and it’s compliance and accounting. The service features a combination of purpose-built software and a behind-the-scenes data analysis team to help manage your lease accounting efficiently.
KPMG LMS is backed by a web-based technology designed to track lease contracts. The administrative team of a company uploads the new or modified contracts, and the KPMG team will take care of the rest with the technology-based Lease Accounting Tool.
Our tool is equipped with functionalities to support operational processes including:
Moreover, it automatically manages calculations and bookings in accordance with IFRS 16. It is easy to explore the effects on the Right Of Use (ROU) asset, lease liability, change in equity, lease remeasurement, scope changes, impairment and calculated values in the contract and local values per contract.
With the drill-down function, it is possible to view the balance sheet, income statement, financial ratios, and other metrics— with or without the effects of IFRS 16.
Our solution
Access lease contracts at any time
Generate payment schedules
Capture reference data for each contract
Set up reminder dates for reporting
Cost centre-wise allocations
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— Possibilities to add operational dimensions
— Multi-currency reporting
Off the shelf
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— Provides flexibility to access at any time and anywhere
Web-based solution
03
— Configure additional dimensions for reporting and cost allocations
Flexible reporting
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— Product updated on a regular basis
Constant upgrades
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— IFRS16 disclosure compliance and monthly accounting journal entries
Disclosures
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— Plug and play option
— Faster adoption
Faster adoption
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Tested, purpose-built technology
– The service utilizes our lease accounting engine to generate tailored reporting to help manage stakeholder demands.
– Purpose-built for lease management and the latest lease accounting requirements, it performs a broad range of calculations—factoring contractual terms, discount rates, foreign currencies, and other variables—to produce detailed financial reports, disclosures and journal entries.
An experienced team of lease accounting specialists and accountants that does the work for you
– The service is backed by the skilled team of KPMG lease accounting specialists, with decades of accounting know-how and recent experience helping companies navigate IFRS changes
– The team provides insight and methodologies that can help to accelerate compliance and determine lease accounting practices
– You submit your lease contract details to your designated KPMG accountant and we help you to handle the rest
– Ask questions at any time via text, phone, or email
A single, convenient database
– All basic information of leases is stored in a single database
– New contracts can be imported with contract data such as commence date, end date, payment terms, interest rate etc.
Access to your information when you need it
– Obtain access to a detailed dashboard with useful information
– Set reminders for renewal of contracts and other compliances.
– Direct access to all leases information and documentation, including lease contracts, suggested disclosures, journal entries, and financial documents, to assist you with standard compliance reporting
The information contained herein is of a general nature and further consultation and analysis is required to establish suitability and feasibility in a given situation. The services described herein may not be permissible for KPMG audit clients and their related entities depending on the local and IESBA restrictions attached.
Why KPMG Lease Managed Services?
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Contact us
kpmg.com/ae kpmg.com/omFollow us on:
Varun BhatiaPartner | Advisory KPMG Lower Gulf Limited
Youssef Khalil Senior Director | Advisory KPMG KSA
FirozAli Ghadyaly Director | Advisory KPMG Lower Gulf Limited
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
© 2020 KPMG Lower Gulf Limited, licensed in the United Arab Emirates, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Designed by KPMG Lower Gulf Creative team.
Publication number: 3100
Publication date: November 2020
Yusuf Hassan Partner | Advisory KPMG Lower Gulf Limited
Bhaskar Sahay Partner | Advisory KPMG Lower Gulf Limited
Aqeel Al Lawati Partner | Advisory KPMG Lower Gulf Limited