The Range picks MRI Software PropTech for IFRS 16 compliance

The Range has selected MRI Horizon CRE and MRI Contract Intelligence to manage its International Financial Reporting Standards (IFRS 16) compliance. 

The retailer operates more than 200 stores across the UK and Republic of Ireland, and its finance team required a PropTech solution with unique retail lease accounting capabilities to manage its entire portfolio of real estate and equipment leases. 

Horizon CRE enables The Range to address the likes of multi-currency functionality, multi-entity reporting and retail accounting periods. 

The deployment will enable it to more efficiently handle the specific challenges retailers face in meeting IFRS 16 requirements. The IFRS 16 accounting standard came into effect on 1st January 2019 and requires that all leases be recorded on balance sheets to increase the transparency of business exposure to costs.

"We needed a proven software solution that could specifically address the needs of retailers and the lease complexities unique to our company," says Jamie Messham, The Range's Chief Financial Officer. 

"MRI Horizon CRE does that perfectly. Having a lease management solution in place that addresses retail accounting periods while allowing us to manage different types of leases will make reporting easier for our finance team.”

“It will also give us the ability to scale and adapt as we meet the changing needs of our growing business."

The Range is also deploying MRI's Contract Intelligence solution to confirm the accuracy of all data going into the system, thus ensuring reliable and accurate IFRS 16 calculations. 

IFRS 16Staff WriterThe Range, PropTech, IFRS 16, Compliance, Regulations, MRI SoftwareComment