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  "documentTitle": "Banking and capital markets trends 2020: Laying the foundations for growth",
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      "text": "Interim solutions – companies that have used in-house interim solutions (including spreadsheet approaches) to meet reporting requirements for transition and initial reporting cycles require robust controls and checks in place to ensure IFRS 16 compliant numbers are generated. Failure to develop and embed effective controls, including model validation, could lead to inaccurate calculations. Selecting the right long term system solution – A new system will be required as multiple sets of numbers may be required for tax, statutory or covenant purposes. Choosing the right system can be complex, the software market is still developing and implementation lead times can be long. Failure to ensure appropriate governance and due diligence over choosing a system could lead to significant costs and non-compliant reporting. Technical complexity – management will have had to make new judgments, accounting policy choices and prepare a new suite of disclosures on transition. Entering into new leases, or changing existing leases, will require careful consideration of the accounting implications.",
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      "text": "ITGCs (IT General Controls) and data analysis for system solutions. Assurance over automated calculations. Review of governance, design and operating effectiveness of controls within the leasing process, including model validation. Programme assurance over change programs.",
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      "text": "IFRS 16 became effective from 1 January 2019. This has brought significant changes for lessees as operating leases are now recorded on their balance sheet. Companies with large, complex or geographically diverse lease portfolios have been significantly affected by this change. Most companies have faced challenges in completing their transition projects in time and having a sustainable ongoing system solution in place to meet reporting requirements.",
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