maus-freres
FinanceJuly 28, 2021

Svevia

Svevia implemented CCH® Tagetik’s software for Lease Accounting IFRS 16 and ASC 842.

Without CCH Tagetik it would not have been possible to handle all of the leasing and subleasing contracts. Overall we have a reliable IFRS 16 and ASC 842 solution from a problem-solving supplier. Even during tough discussions we always had a common goal of the best outcome.
Susanne Vogt, Group Accounting Manager, Svevia, Sweden
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The Challenge

With the deadline of January 2019 approaching, Svevia was seeking a proven stand-alone IFRS 16 solution. 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 Solution

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.

Benefits

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.
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