IFRS 16 services

  1. Attached find our IFRS 16 services offering for your ultimate reporting and compliance.
  2. On 20th February 2019, the Central Bank of Uganda issued an Instruction Circular ‘EDS.306.2’ to Supervised Financial Institutions (SFIs). All SFIs are required to comply with IFRS 16 by 31st July 2019. As part of the regulatory requirements, SFIs must complete an IFRS 16 Return (in a specific format by the Central Bank). Section one of the Report on implementation of IFRS 16 by SFIs template requires training of the Bank staff and Board in IFRS 16 due to the impact on the equity and profit as well choice of the first-time adoption approach.

Click here to download the Instruction Circular

  1. To this end, Summit Consulting Ltd wish to propose a custom in-house training to your staff in IFRS 16 as well as help you in meeting all the requirements of the regulator and avoid any challenges in compliance, by the 31st July 2019. You will save money and time.
  2. To contact us, call Godfrey on +256 775845691, 414 231136 or email ifrs9@summitcl.com

To download the Banking report 2019, click here

For ultimate compliance, Summit Consulting Ltd has developed summitIFRS16 Toolkit to facilitate with Bank of Uganda reporting requirements.

PhasesDescriptionValue to you Fees (US $.) net of taxes
Phase 1: 

summitIFRS 16 Readiness Assessment to clarify whether contracts meet the lease criteria

Review of all rental property contracts and existing lease agreements, if any so as to effectively classify your bank leases for appropriate accounting treatmentA clear understanding of your bank leases for classification, and measurementComplementary
Phase 2:

summitIFRS 16 modeling

IFRS 16 modeling and application to Your bank; including measurement and disclosures summaryIFRS 16 model with a clear impact on your bank’s profit & equity as at 31st December 2018Negotiable depending on the number of leased assets
Phase 3:

summitIFRS16 Training

We will conduct IFRS 16 briefing and training to your specified staff to empower them to meet the requirements of IFRS 16.Empower your team, and reduce on-going compliance costsNegotiable
Phase 4:

summitIFRS 16 Policy updates

Update your bank’s accounting and finance policy with respect to IFRS 16 complianceIFRS 16 lease accounting aligned to your bank’s finance policyNegotiable
Phase 5:

IFRS 16 Tool branding

Make an easy to use IFRS 16 Ms Excel model for the right to use and lease liability modeling based on your business model. This will facilitate swift IFRS 16 reporting and complianceFacilitate on-going reporting requirements by Bank of UgandaNegotiable
Phase 6:

summitBOARD BRIEFING

Board and top management briefing on the impact of IFRS 16 on your bank – after analysis of the results.Get buy-in for budget approvals from the Board in relation to compliance needs for your bankNegotiable
Phase 7

IFRS 16 ongoing compliance support

You have an option to retain Summit Consulting for the first-year effective contract signing date to deal with any BO U requests and reporting requirementsTrain your finance team on the job by seeing how we respond to BOU issuesNegotiable depending on the number of months

Notes

  1. The quality of our work is guaranteed.
  2. The above fees are exclusive of taxes and disbursements. You will add the applicable taxes especially VAT and withholding tax, and pay the above as net fees.
  3. The fees above exclude disbursements like transport. You shall refund al such monies on presentation of evidence of spending. All disbursements to be paid within a week to facilitate execution
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