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IFRS 16 Leases – the challenge

As we countdown to 1st Jan 2019, organisations are underway with preparing for the new IFRS 16 reporting requirements.

Initial feedback from projects underway is that the impact is widespread from policies and procedures, data preparation and collection, modelling and simulation and reporting. The single biggest challenge that seems to be emerging head and shoulders above others is data management:

  • information to be harmonised across different entities and regions
  • data gaps need to be bridged
  • mechanism needs to be built to bring the right information together
  • management of this information
  • modelling and reporting
  • disclosure and commentary
  • CCH Tagetik Lease Accounting

    IFRS16 Lease Accounting is a pre-configured module built in the Tagetik platform that:

  • plugs into other systems using pre-configured interfaces – the mapping is managed by finance…you don’t need deep technical skills…although, there is some basic IT set up
  • has a data repository that allows you to manage individual contract level information
  • has pre-configured calculations to view local GAAP, IFRS/ASC full amounts and delta bookings for current basis and new IFRS 16 basis
  • IFRS 16 simulation on future periods for planning
  • Pre-built data adjustment, reporting and disclosures including commentaries
  • Predefined workflow, audit trail, data validations and controls.
  • So in brief, the heavy lifting is identifying and filling the data gaps…the data processing, setting up of a management system and reporting and disclosure is delivered in a matter of weeks.

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