LeaseAccelerator and PwC Convene Industry to Discuss Imminent AASB 16 Lease Accounting Deadline

SYDNEY–(BUSINESS WIRE)–LeaseAccelerator, the pioneer in the Enterprise Lease Accounting
software market, will convene the east coast business community to
discuss the looming AASB 16 lease accounting deadline at events in
Sydney and Melbourne this week.

LeaseAccelerator’s head of lease accounting John Kuett will present on
international companies’ experience implementing IFRS 16 (the
international standard upon which AASB 16 is based). Mr Kuett will join
experts from PwC to discuss the new standards.

Mr Kuett has been a financial reporting specialist for more than 20
years, with experience spanning the US and EMEA. Currently based in
Switzerland, Mr Kuett is an IFRS expert specialising in topics including
IFRS 15, IAS 16 and IFRS 16. Mr Kuett led the implementation of IFRS 16
at Nestle, which was an early adopter on the full retrospective basis,
and he will share his experience in implementing IFRS 16 s with
audiences in Australia.

“Australian companies have some ‘last mover advantage’ here due to their
reporting cycle,” he said. “While it’s true that companies everywhere
have tended to underestimate the complexity of this particular new
standard, I think Australian companies will be able to take many
learnings from their international counterparts to make the journey a
little easier.”

Recent research from LeaseAccelerator in Australia showed that AASB 16
will see almost $100 billion brought on to the balance sheets of the ASX
100 when the first reports are submitted under the new standard in July.
Developed over a decade by the International Accounting Standards Board
(IASB) in response to scandals including Enron and WorldCom, globally
the new standards will bring an estimated $3 trillion on to balance
sheets worldwide.

The events, Tackling AASB 16: Hindsight is a wonderful thing, but
foresight is better! Lessons learned from the first reporting period in
the US will run next week. Details are:

About LeaseAccelerator:

LeaseAccelerator offers the market-leading SaaS solution for Enterprise
Lease Accounting, enabling compliance with the current and new lease
accounting standards. Using LeaseAccelerator’s proprietary Global Lease
Accounting Engine, customers can apply the new standards to all
categories of leases including real estate, fleet, IT and other
equipment at an asset-level. On average, LeaseAccelerator’s Lease
Sourcing and Management applications generate savings of 17 percent on
equipment leasing costs with smarter procurement and end-of-term
management. Learn more at http://www.leaseaccelerator.com.au.

Contacts

For more information and interviews with John Kuett:
Kristin
Westlake, The Continuum Partners
[email protected]
/ +61 416 219 358