About IFRS16

IFRS16

IFRS 16 is an International Financial Reporting Standard (IFRS) developed by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019 . Upon becoming effective, it supersedes the earlier leasing standard, IAS 17.

Are you ready for IFRS 16?

With the new IFRS 16 and ASC 842 lease standards focusing on transparency of lease obligations on the balance sheet, there is a significant amount of lease data that must now be collected, calculated, reported and disclosed.

How can we help you

We can help you transition to the new leasing regulations and get compliant quickly. Our Solution is automated to allow you to easily manage the large volumes of leasing data by providing data collection, calculations, reporting and disclosures.


Our goal is for your implementation to be as seamless as possible, and our agile approach led by an experienced project manager has a proven track record of success.

What do we offer

Calculation Logic

Import and/or input data including leasing contract info, asset details, fixed and variables lease payments, renewal/termination/purchase options, etc.

Graphically view assets, liabilities, expenses, depreciation and interest expense to show the impact on Balance Sheet and Profit and Loss using different scenarios

View reports for local GAAP, IFRS/ASC full amounts and Delta bookings for ‘as- is’ and ‘to-be’ analysis.

Run models on future time periods for planning

Key Capabilities of the Solutions

Load and map from internal and external data sources

Lease Contracts Data Repository

Data validations and controls

Preconfigured data model

Preconfigured Chart of Accounts supporting IFRS16

Preconfigured and extendable calculation logic

Reporting and Disclosures

Audit Trail Workflow

WHY CHOOSE OUR SOLUTION

Fast Setup

Pre-configured solution gets you compliant quickly with a lower total cost of ownership (TCO).

Single Version of Truth

Creates a single lease data repository to accurately calculate, report and disclose for IFRS 16 & ASC 842 and other reporting requirements. With confidence in your numbers and integration with Qlik Sense and Microsoft BI solutions, you can spend more time on analysis and planning

Easily Integrated

Our regulatory solutions are non-disruptive to existing architectures - they integrate with all of your systems, including CCH Tagetik CPM and other applications, on-premise or in the cloud. CCH Tagetik's ETL capabilities allow you to seamlessly integrate with any source system to import or export data.

Flexible Modeling

With our solution, you can process and calculate large volumes of data quickly. Flexible modeling allows you to easily extend and maintain the library of lease models, configure calculation logic and rules with a Finance friendly interface to stay compliant.

Disclosure and Reporting

A single version of data makes it easy to analyze, drill down to details, and report while adhering to IFRS 16 & ASC 842 disclosure requirements. With our additional Collaborative Office solution, you can easily create an MS Word financial statement, a PDF board book, a PowerPoint presentation or a submission to regulators; the numbers and narrative are accurate and auditable.

Process Monitoring

Monitor the whole process with a dashboard that provides the status throughout the submission, adjustment and consolidation process. Using CCH Tagetik’s preconfigured workflow and communication tools unify the entire cycle and keep contributors on track and reports on time.

OUR PARTNERS

CONTACT US

CRMT d.o.o.

Ukmarjeva ulica 2, 1000 Ljubljana

T: +386 05 99 437 00

DO YOU HAVE ANY QUESTIONS?