Automated IFRS 16 reporting for global distribution firm
Automating IFRS 16 reporting
Our client is a global distribution firm with hundreds of leased assets who needed automated IFRS 16 reporting. The IFRS 16 impact was significant and the Excel models built to manage this were slow, unwieldy and error prone.
The IFRS 16 reporting was a headache. Our client wanted to basically remove this highly manual process. Also there was no global lease book in place. This was an opportunity to gather all lease information into one place.
So, key issues were:
Furthermore, big excel spreadsheets with complex models meant there was low confidence in the numbers
IFRS 16 cloud solutions
So we implemented a quick project with CCH Tagetik IFRS 16 cloud solutions.
First and foremost, this project was a “joint-venture” between client and AIS consulting. The approach was training focused. The initial set up took a few days and then client finance teams were able to load and validate lease data. This was possible because CCH Tagetik is an easy to use solution owned by finance. Client team members owned the data history and reconciling the numbers. Better still, client team members also created reports. They took complete ownership of their new system
Importantly, we completed the project within 3 – 4 weeks. Our client has been running this solution effectively for 2 to 3 years. Also they are very self sufficient – with little to no help needed.
In the end, our client had:
AIS Consulting provided a truly joint venture approach to the project. ensuing that our client were self sufficient and able to enhance their systems.
In summary, lease accounting reporting cycles were significantly reduced. Furthermore, the CCH Tagetik solution provided better reporting for operational lease management and buy vs lease scenarios.