IFRS 16 has gone into effect. Has your current solution for IFRS 16 not met your expectations? inlumi is here to enable you to meet the new lease accounting requirements, while maintaining the integrity of your data.
IFRS 16 is a new accounting standard for leases which has gone into effect as of January 2019, and requires lessees to recognise most leases on their balance sheets. This involves much more work in collecting, calculating, reporting, and disclosing data than you might think.
But with the right solutions, you can fulfil all these requirements while maintaining the high quality of your data.
You might find that your current solution for IFRS 16 is not what you had hoped. Fortunately, inlumi offers a range of built-in solutions for Oracle Cloud, Oracle HFM, as well as CCH Tagetik’s Lease Accounting Solution.
At inlumi, we are dedicated to making your journey towards IFRS 16 an easy one. We offer in-house expertise on the requirements for IFRS 16, and the technologies which can help you meet these requirements in a way that works for your organisation.
All leasing contracts owned by the lessee should be reported as “Right of Use” assets on the balance sheet.
A lease is defined as: a contract that conveys to the customer (‘lessee’) the right to use an asset for a period of time (minimum of 12 months) in exchange for consideration.
IFRS 16 replaces an earlier leasing standard, IAS17.
Gathering data for large number of contracts in a structured manner
Re-evaluating individual contracts (or portfolios) on a running basis
Establishing an efficient process
Calculating across all contracts
Posting adjustments
Ensuring all the standards are met by January 2019
Ensure that the additional burden IFRS 16 presents for your organisation is minimised using the appropriate technology support. inlumi offers IFRS 16 solutions for both Oracle Cloud (PBCS) and Hyperion Financial Management.
These solutions have been developed in-house to enable you to meet the IFRS 16 requirements within your EPM environments.
Your company can use our IFRS 16 solution even if you currently do not have Oracle Hyperion products. With our Oracle Cloud solution, you get a full blown Planning and Reporting tool in addition to a ready-to-use IFRS 16 solution.
If you want to learn more about these solutions, get in touch with us.
In this webinar, inlumi’s Principal Advisory Consultant explores the new reporting standard and how this can be applied to your EPM environment. Contents include:
To help you proceed on your IFRS 16 compliance journey, we have put together a webinar with our partner CCH Tagetik to share our practical experiences from IFRS 16 projects.
This webinar includes the following:
CCH Tagetik provides an IFRS reporting hub including data repository, calculation modelling, reporting and disclosures in one easy-to-use solution.
inlumi is an esteemed partner of CCH Tagetik. Together, we work towards a shared mission of helping customers best leverage enterprise and financial data for informed decision-making. For IFRS 16, we have been entrusted to provide end-to-end services for CCH Tagetik’s Lease Accounting Solution.
We can help you transition to the new leasing regulations and get compliant quickly. CCH Tagetik’s solution is automated to allow you to easily manage the large volumes of leasing data by providing data collection, calculations, reporting and disclosures.
Visit CCH Tagetik’s page for their IFRS reporting engine to learn more.
Download our IFRS 16 PDF for a full overview of:
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inlumi2018-06-08 17:56:082018-08-27 13:58:59Getting compliant for IFRS 16 with CCH Tagetik: Your questions answered
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inlumi2018-05-29 16:29:412018-08-27 13:59:08Why you should prepare now for IFRS 16inlumi is here to guide you in every step of the way in your IFRS 16 compliance journey. Get in touch with us now.
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