Virtual Accounting Advisor - Leases

The power of PwC – any time, anywhere

The Issue

The new Lease accounting standard, which became mandatory from 1 January 2019, introduces a number of new policies, judgments and choices for reporters - both for transitioning to the new standard and applying it on an ongoing basis.

Assessing what's required to implement the standard isn't straightforward and there are some significant challenges.

To help in your transition and beyond, we've developed the Virtual Accounting Advisor - Leases application for non-audit clients of PwC.

The application comprises four modules in a plain English question and answer format that helps you to implement the standard yourself (designed to work alongside your chosen calculation tool).

The application is available on a subscription basis. Please reach out to the contacts below to find out more.

The modules complement our 10 step approach to lease accounting, which covers the essentials of transition - from identifying leases to selecting a system and preparing disclosures.

The Modules

Discount rate calculator
Helps determine an indicative range for your discount rate based on objective, easily available information about your business.

Lease contract analyser
Questionnaire that steps through the key elements of a contract to help you determine whether it contains an embedded lease.

Accounting policy assessment
Quick and easy questionnaire that takes the work out of documenting your accounting policy choices under the new standard.

Portfolio assessment
Practical tool to document your application of the portfolio approach, including the key features of your lease portfolios and the relevant policies for these.

Each module can be used multiple times for different leases and scenarios, and by multiple users at your Company.

The Benefits

  • Easy Q&A format
  • Developed by our experts so your staff don’t have to be accounting specialists to use the system
  • Questionnaires can be used an unlimited number of times within the subscription period
  • No additional charge for multiple users at your company
  • Tailored to your company’s circumstances
  • Produces auditable reports that document your accounting judgments and policies
  • Helps you save costs by being more self-sufficient through smart technology
  • Facilitates consistent application of accounting policies
  • Helps embed ‘best practice’ in your finance team

PwC’s Virtual Accounting Advisor is a digital portal accessible anywhere and any time.

Find out more about the platform

The application is available on a subscription basis.

Register here to learn more about Virtual Accounting Advisor.

Contact us

Sean Rugers

Partner, Sydney, PwC Australia

Tel: +61 421 057 493

Ian Campbell

Partner, Assurance, PwC Australia

Tel: +61 8 9238 3276

Katelyn Bonato

Director, PwC Australia

Tel: +61 3 8603 0868

Anthony Brittain

Director, PwC Australia

Tel: +61 7 3257 5794

Michael Woolrich

Director, PwC Australia

Tel: +61 3 8603 0851