Svevia implemented CCH® Tagetik’s software for Lease Accounting IFRS 16 and ASC 842.
FinanceJuly 28, 2021
Svevia
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.
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. |
