UK Retailer The Range Selects MRI Software for IFRS 16 Compliance

Home, leisure and garden chain will deploy MRI Horizon and AI-driven MRI Contract Intelligence to manage complexities of IFRS 16 compliance for real estate and equipment leases

LONDON, March 9, 2022 /PRNewswire/ -- MRI Software, a global leader in real estate solutions, announces The Range, a leading UK retailer, has selected MRI Horizon CRE and MRI Contract Intelligence to manage its International Financial Reporting Standards (IFRS 16) compliance. The Range, which specialises in home, garden and leisure goods, will implement MRI's Horizon CRE – a cloud-based lease management and lease accounting solution – and artificial intelligence (AI) powered Contract Intelligence to simplify real estate and equipment lease calculations.

The Range 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 specific retailer needs, including multi-currency functionality, multi-entity reporting and retail accounting periods. The deployment will empower it to more efficiently handle the specific challenges retailers face in meeting IFRS 16 requirements. The IFRS 16 accounting standard came into effect on 1 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," said 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. MRI Contract Intelligence is an AI-based lease abstraction software solution that quickly and efficiently extracts key data from documents to save time and ensure error-free data. Using Contract Intelligence will allow The Range to establish a smooth process for adding new leases to the system by validating data beforehand. The company has been in compliance with IFRS 16 since the new standard was rolled out, but the complex, time-consuming nature of the requirements compelled it to explore software solutions to simplify the process.

Craig Gillespie, Managing Director of Occupier Solutions, MRI Software, said: "Our comprehensive solution suite continues to evolve to help clients meet the rigorous demands of accounting and financial reporting today. The Range saw that combining the established feature set of Horizon CRE – used by over 200 retailers around the world – with the innovative capabilities of Contract Intelligence would be a huge advantage for their finance team. The upshot is The Range will be able to better manage its diverse lease portfolio and IFRS 16 compliance with a tool that delivers clear and accurate reporting for regulators, management, investors and other stakeholders."

MRI Software's Horizon CRE is utilised by some of the largest supermarket brands in the UK and trusted by more than 1,000 property occupiers across finance, retail, aviation, telecoms, logistics and other sectors worldwide. Its comprehensive suite of functionality and features provides an easily accessible resource for lease information and documentation to make it easier for organisations to follow compliance guidelines and best practices.

About MRI Software

MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.

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