The IFRS 16 / ASC 842 Standard: What Changed
Most leases must now be brought onto the balance sheet as a right-of-use (ROU) asset and lease liability.
This increases the volume and precision of data finance teams must maintain — including terms, schedules, modifications, and judgments.
What Auditors Look For
Auditors test both your accounting and your underlying lease operations.
Typical IFRS 16 checklist items include:
Every lease identified and recorded in a central register
Clear classification and justification for each lease
Accurate measurement of ROU assets and lease liabilities
Evidence for GRNs, delivery, and asset existence
Approval trails for new leases and all modifications
Payment reconciliation between schedules and actuals
Proper handling of renewals, early terminations, and buyouts
The Problem with Manual Compliance
Spreadsheets and shared drives make it easy to miss contracts, lose evidence, or mis-key terms.
By the time auditors arrive, teams are rebuilding history instead of presenting a clean, continuous record.
How ServiceTiket Automates IFRS 16 Compliance
ServiceTiket centralizes leases, approvals, asset evidence, and payments — giving auditors a clear, end-to-end story.
Central lease register across lessors, entities, and locations
Approval workflows with timestamps and reasons for each change
GRN and field audit evidence (photos, GPS, signatures)
Payment capture and reconciliation against lease schedules
Modification history for renewals, amendments, early returns, and buyouts
Export-ready data sets for accounting systems and auditors
Manual: 4–6 Weeks
Without a system, year-end preparation stretches to weeks of gathering contracts, rebuilding schedules, and answering audit queries.
Digitized: Days
With ServiceTiket, most work is front-loaded into regular operations — so audit becomes a matter of exporting data, not chasing evidence.