FinanceJune 10, 2019

CCH Tagetik IFRS 16 Lease Accounting solution provides Syngenta with the ability to drill down to individual granular data

Discover how Syngenta gets compliant easily and quickly with IFRS 16 disclosure requirements.
Syngenta
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Transcript

Digital agriculture is one of the most exciting developments in the business landscape at the moment.Syngenta's business has been to sell chemicals and seeds to farmers but we have to offer a digital solution.IFRS 16 disclosure requirements build on previous requirements but a lot of them are new, so we needed new reportswhich provide us some high level information at our group consolidation level as well as the ability for our accounting teams around the worldto run reports and when necessary to drill down into individual granular bits of data andthe CCH Tagetik solution does this very well.

We are still working on refining something but we are very happy with this solution.We are sourcing the data, the leasing contracts from other existing systems, databases, and we post into our existing SAP systems,so these interfaces had to be built, to be established and then tested.CCH Tagetik in itself set up the configuration and that was fairly a simple thing, I have to say.

The key benefit is really to be compliantand to be compliant in the most easy way we could get there.

After signing the contract for CCH Tagetik we took a year until we wentlive, but it wasn't a year to prepare the software itself, there was a lot of discussions on how actually do the accounting logicand how to design the process.

I would definitely recommend CCH Tagetik for Lease Accounting, it works well for us, it was a smooth project.

CCH Tagetik is the right solution for us, there isn't a one-size-fits-all forcompanies, but for us this was the best way of giving us the tools to do our jobs in the new lease accounting world.
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