KPMG Lease Hub assists in reducing the disruption to your business and manages your AASB 16 lease accounting from start to finish: from extracting data and documenting assumptions through to generating lease balances, journal entries and disclosures.
The requirements of the new leases standard, AASB 16 Leases (AASB 16), means that lessees are now required to bring the majority of their operating leases onto the balance sheet. Leases for assets such as property and equipment previously treated as 'off-balance sheet' will now be accounted for as a right-of-use (ROU) asset and lease liability. Importantly, lease accounting is no longer a ‘set and forget’ exercise, with balances needing to be reassessed on an ongoing basis, creating accounting complexity that did not previously exist.
Lease Hub, a managed service, takes care of this complex accounting – you provide your base information (e.g. lease contracts) and management assumptions (facilitated through easy-to-complete templates) and we generate the required balances under AASB 16 on a timely and cost-efficient basis for your reporting.
Lease Hub assists in reducing the disruption to your business of the accounting standard change.