A lease accounting software
solution for organizations in the
chemicals industry.

Nakisa Lease Administration

Nakisa Lease Administration streamlines lease accounting for organizations
in the chemicals industry.

Many chemicals companies enter into lease contracts to gain access to storage units, pipelines or other assets. IFRS 16 and ASC 842 bring most of these leases onto balance sheets, exposing billions in lease liability across the industry. One of the biggest impacts on this industry is going to be a compliance exercise. Lease accounting technology can help identify everything that meets the definition of a lease, determine if any contracts meet any of the exemptions, such as low value or short-term leases, and perform necessary disclosures.

The primary challenge for the chemicals industry will be arrangements involving fixed assets, which have previously been categorized as ‘operating leases.’ Especially in the chemicals industry where a number of fixed assets are leased, common resources that fall under this category include storage, units, transport hubs and manufacturing molds.

“The financial reporting effects are just the most obvious of the impacts the new standard will have on companies in the chemicals sector. Companies will need to analyze how the new model will affect contract negotiations as well as the impact on key metrics, whether systems are equipped to generate the data requirements of the new reporting and disclosure model, and the impact on business processes and controls around operating leases that will now be subject to recognition on the balance sheet.”
pwc-nla-logo - PwC, A Look at Current Financial Reporting Issues – Chemicals Industry Supplement

Smarter Lease Accounting for Chemicals

Want to learn more about the lease accounting complexities specific to organizations in the chemicals industry? Download Smarter Lease Accounting for Chemicals to learn how Nakisa Lease Administration can help support you on your compliance journey.



nakisa lease administration

The solution for you.

Nakisa Lease Administration is a lease management and accounting solution designed to accelerate compliance with IFRS 16 and ASC 842 by automating, centralizing, and simplifying lease accounting operations. As a comprehensive lease accounting solution, Nakisa Lease administration helps organizations manage global lease portfolios, gain strategic insights into financial data, and streamline lease accounting operations.

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Working with our global network of customers and partners, we continue to learn new and better ways to improve lease accounting operations, and we’d like to share them with you. Keep up to date on the latest accounting news, Nakisa updates, and new content, by signing up for our newsletter.