Meet the requirements of the new reporting standard with inlumi’s built-in solutions for either Oracle EPM Cloud or Oracle Hyperion Financial Management.
CCH Tagetik’s Lease Accounting IFRS 16 software solution helps you transition to the new leasing regulations and get compliant quickly.
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 EPM 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 for reporting for periods starting on or after 1 January 2019
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:
inlumi 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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