Lease Accounting standards with CCH Tagetik IFRS 16 - Svevia case study
With the deadline of January 2019 approaching, Svevia was seeking a proven stand-alone IFRS 16 solution which had already been implemented for other customers. The company wanted a solution that could handle the complexity of the subleases with changing monthly payments and a customized ETL tool for journal entries into the consolidation system.
CCH Tagetik Solutions for meet the Lease Accounting standards
CCH Tagetik Lease Accounting for IFRS 16 and ASC 842 went live in approximately four months, including the customised sublease data entry report, ETL and annual report functions.
CCH Tagetik has given Svevia the ability to handle its external leasing and subleasing contracts, including automatic calculation of all monthly contract changes.
Automating the disclosure through the annual report function has simplified the process and proved to save a considerable amount of time.
Svevia can now automatically update contracts for subletting, with the changes that routinely take place in its hundreds of leases. With Svevia’s large volume of contracts, it would have been practically impossible to achieve this manually in the context of IFRS 16.
Main advantages Svevia gains with CCH Tagetik IFRS 16
Stand-alone IFRS 16 solution
|Ability to handle all external leasing and subleasing contracts|
Drill down function in customized reports
|Ability to handle frequent changes to hundreds of leases in particular sublease contracts|
Automatic update of contracts
|Customized ETL tool for journal entries into consolidation system|
Automating the disclosure through the annual report function
|It has simplified the process and proved to save a considerable amount of time.|
(IFRS 16 & ASC 842)