End-to-end IFRS 16/Ind AS 116
Lease Administration and Accounting Software

The International Accounting Standards Board (IASB) issued IFRS 16 Leases, which requires lessees to recognise assets and liabilities for most leases. For lessors, there is little change to the existing accounting in IAS 17 Leases. The new standard will be effective for annual periods beginning on or after 1 January 2019.

Currently, Ministry of Corporate Affairs (MCA) in India has issued exposure draft on Ind AS 116 Leases. The final version of the new leasing standard is expected to be applicable to all Indian companies complying with Indian Accounting Standards (Ind AS) for annual periods beginning on or after 1 April 2019.

LeazeOn is an end-to-end lease administration and accounting software for IFRS 16 and Ind AS 116 compliance requirements. It provides automated solution for transition accounting, handling large volumes of leasing contracts, reporting and disclosure requirements.

Features

Companies all around the world lease properties and other assets ranging from corporate offices, retails stores, vehicles, aircrafts, ships, manufacturing equipment etc. Changes to the lease accounting standard have a far-reaching impact on lessees' business processes, systems, controls and accounting. It is almost impossible to work around lease accounting using spreadsheets because of complex accounting relating to transition options, practical expedients, frequent remeasurements and modifications. LeazeOn provides automated solution to address all these issues and achieve your objectives.

If your organisation has more than handful of leases and wants to be better prepared for lease administration and accounting, book a demo with LeazeOn.

Impact analysis of transition of existing leases to new standard with Retrospective and Modified Retrospective methods

Calculates ROU Asset / liabilities

Automated depreciation and dismantling provision related calculations

Accounting for leases re-measurement & modifications

Automated journal entries to your existing ERP

Maker-checker in-built feature to ensure accuracy

Identification of leasing transactions with related parties

Provides disclosure reports as per IFRS 16 / Ind AS 116 Leases

Overview

LeazeOn Private Limited is a leading company providing IFRS 16 and Ind AS 116 Lease Administration and Lease Accounting Solutions. The Company was founded by Information Technology professionals and Chartered Accountants. The company employs an in-house development team and a team of chartered accountants with IFRS 16 / Ind AS 116 expertise to assist companies seeking to adopt the new leasing standard. This team is ably backed up by a customer support team providing on-boarding and customer support services.

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Team

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CA Akshay Oke
(CEO & Managing Director)
  • Akshay Oke is the Co-founder, CEO and Managing Director of LeazeOn - a leading company providing IFRS 16 and Ind AS 116 Lease administration and accounting solutions.
  • Akshay is a Chartered Accountant and ACCA Diploma in IFRS holder having more than 10 years of experience in IFRS, Ind AS, US GAAP and financial reporting domain. He was always involved in various IFRS / Ind AS / US GAAP implementation projects in the past.
  • He has formulated a research paper on IFRS 16 - Leases and is a regular speaker on financial reporting and company law matters at various forums including Institute of Chartered Accountants of India.
  • His action oriented entrepreneurial skills has helped him establish great track record of developing go to market strategies and formulating lasting partnerships.
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Ravindra Damle
(Chief Technology officer)
  • Ravindra Damle is a Co-founder of LeazeOn and co-founder and COO of Soft Corner (a software product company).
  • He has been a key person in designing some key products like VitalStatistix and ekspens (an expense management product) and has worked on several products for NGOs like Shelter associates
  • Other than software development he is a passionate trekker, having done several treks in the Himalayas.
  • He has an M.Sc (Comp.Sc.) degree from Pune University, before which he graduated in Physics.
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Arun Kadekodi
(Director)
  • Arun Kadekodi is a Co-founder of LeazeOn and co-founder and CEO of Soft Corner (a software product company). He also does a lot of work for NGOs and is a governing council member of an NGO working in sanitation, called Shelter associates
  • He has been a key person in designing some key financial products like eMerge and ekspens (an expense management product)
  • Other than software development, his passions are teaching, hiking in the Himalayas and long distance cycling.
  • He has an M.Tech (Comp.Sc.) degree from Pune University, before which he graduated in Statistics and Applied Computer Science.
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Amit Darekar
(Director)
  • Amit Darekar is a Co-founder and Partner with FinPro Consulting - a leading company providing IFRS / Ind AS / US GAAP training and implementation services.
  • Amit is a Chartered Accountant and ACCA Diploma in IFRS holder having more than 13 years of experience in IFRS, Ind AS, US GAAP and financial reporting domain. He specialises in providing IFRS, Ind AS and US GAAP trainings to various corporates, ACCA courses and Chartered Accountant students.
  • He has formulated a research paper on IFRS 15 - Revenue from contracts with customers
  • His vast experience has certainly helped LeazeOn in formulating a robust software on IFRS 16 / Ind AS 116 Leases