inlumi
  • Offering
    • By process
      • Enterprise Planning
      • xP&A
      • Financial Close
      • Management Reporting and Analytics
      • Master Data Management
    • By service
      • EPM Advisory
      • Application Implementation
      • EPM Infrastructure
      • EPM Integration
      • Hosting / Cloud
      • Managed Services
      • Training
  • Partners
    • OneStream
    • Oracle
    • CCH Tagetik
    • CXO Software
    • EPMware
  • Resources
    • Blog
    • Events
    • Enabling Decisions
    • Customer Stories
    • Webinars
  • Company
    • About us
    • Careers
    • Life at inlumi
    • Social Responsibility
  • Contact us
    • Contact us
  • xP&A
  • Search
  • Menu

Tyman

You are here: Home / Resources / Customer Stories / Tyman

Tyman Adopts inlumi’s IFRS 16 HFM Starter Kit

Tyman Adopts inlumi’s IFRS 16 HFM Starter Kit

As the date for transition to the new lease accounting standard IFRS 16 was approaching, Tyman were looking for a systemised solution for the reporting of leases under the new accounting standard.

Tyman is a leading international supplier of engineered components to the door and window industry. The Group’s three divisions – AmesburyTruth, ERA and SchlegelGiesse – are market leaders in their respective geographies. The Group employs over 4,200 people and operates facilities in 18 countries worldwide. Tyman is listed on the London Stock Exchange.

Tyman are strong users of the Oracle EPM stack, and currently use Hyperion Financial Management (HFM) for statutory and management reporting, Hyperion Planning & Hyperion Tax Provisioning (HTP), and FDMEE for data loading and integrations between the applications.

Share this
  • Share on Twitter
  • Share on Linkedin
  • Share by Mail

The need for the project

Initial preparations for IFRS 16 were completed using spreadsheet-based solutions for calculating the impact of IFRS 16. This was not seen as a viable long-term solution due to version control issues. There was also a lack of control of this kind of solution, with users able to easily – or even accidentally – amend the calculations being performed, thus not guaranteeing accuracy of end-reported data.

Solution

Tyman has a strong relationship with inlumi from previous functional consulting projects, as well as technical support. Having viewed a webinar outlining the functionalities of the inlumi IFRS 16 HFM starter kit, the Head of IT and Reporting approached the inlumi UK functional consulting team to support the implementation of the application.

The starter kit application includes pre-written HFM rules, metadata & forms for the calculation & visualisation of lease data for IFRS 16 reporting, from individual lease amortisation schedules to higher level views of the annual impacts on the Primary Statements caused by IFRS 16 reporting.

Following initial scoping conversations in August 2018, the project kicked off the following month, and due to the deployment of the inlumi IFRS 16 starter kit being largely configuration-based, project implementation and development was limited to just a couple of months on a part-time basis, with the application ready for users to enter in transition lease data from November 2018.

Using the starter kit model, the majority of the application setup had already been performed, with just further enhancement or configuration elements remaining. The configuration included setup of the entity & cost centre (custom) dimensions to mimic those used in the statutory application, as well as the setup of Data Management processes to integrate the calculated lease data with the Tyman statutory reporting HFM application.

Configuration

Using the starter kit model, the majority of the application setup had already been performed, with just further enhancement or configuration elements remaining. The configuration included setup of the entity & cost centre (custom) dimensions to mimic those used in the statutory application, as well as the setup of Data Management processes to integrate the calculated lease data with the Tyman statutory reporting HFM application.

A further enhancement delivered with the application for Tyman was an additional validation account, into which Tyman will load their cash payment amounts reported in local ledgers. This way, a further verification of data accuracy relating to these cash balances can be performed on a monthly basis before the lease data is loaded into the statutory reporting application.

Benefits

Users were already familiar with the user interface and navigation of both HFM and the Smart View Excel add-in.As an existing HFM license holder, Tyman also did not need to incur further license costs for the use of the application.

Training was delivered to the users of the application based in the three Tyman divisions, as well as those users reviewing the entered data from the Tyman group perspective.

Application enhancements to the existing Tyman statutory reporting application were performed by the Head of IT and Reporting with the support of inlumi, ready to capture the new data which would be loaded across.

Result

Using their new leasing HFM application, the team at Tyman has successfully reported lease data under the new IFRS 16 standard, both for transition to the new standard, and also for the month of January as their first month-end reporting according to the new standard.

Tyman is no longer reliant on a spreadsheet-based approach for the calculation of lease data, providing confidence for the Group team with the use of validation calculations in the leasing HFM application to ensure data is correct before being loaded into the statutory application.

The new process of using the application slots in well with existing month-end processes, with roll-forward of existing & unchanged leases from month to month and the possibility to enter monthly changes to leases at the time these are realised, thus limiting user activities over the month end process.

In short, Tyman is very happy with the implementation of their new application with the assistance of inlumi.

Share this
  • Share on Twitter
  • Share on Linkedin
  • Share by Mail
Get compliant for IFRS 16 with CCH Tagetik

Get compliant for IFRS 16 with CCH Tagetik

IFRS 16 has gone into effect. Has your current solution for IFRS 16 not met your expectations? CCH Tagetik for Lease Accounting IFRS 16 software solution helps you transition to the new leasing regulations and get compliant quickly.
Read more
https://www.inlumi.com/wp-content/uploads/ifrs16-tagetik-page.jpg 519 1000 Kaitlin https://inlumi.com/wp-content/uploads/2017/10/logo-inlumi-site.png Kaitlin2019-10-07 13:45:322020-03-17 13:15:50Get compliant for IFRS 16 with CCH Tagetik
Get compliant for IFRS 16 with Oracle

Get compliant for IFRS 16 with Oracle

IFRS 16 has gone into effect. Has your current solution for IFRS 16 not met your expectations? inlumi offers a range of built-in solutions for both Oracle EPM Cloud and Oracle Hyperion Financial Management.
Read more
https://www.inlumi.com/wp-content/uploads/ifrs16-oracle-page.jpg 519 1000 Kaitlin https://inlumi.com/wp-content/uploads/2017/10/logo-inlumi-site.png Kaitlin2019-10-07 13:45:172023-02-09 17:27:46Get compliant for IFRS 16 with Oracle

IFRS 16

inlumi offers a range of built-in solutions for Oracle EPM Cloud, Oracle HFM, as well as CCH Tagetik’s Lease Accounting Solution. 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.
Read more
https://www.inlumi.com/wp-content/uploads/ifrs16-2.jpg 627 1200 Kaitlin https://inlumi.com/wp-content/uploads/2017/10/logo-inlumi-site.png Kaitlin2019-01-08 16:32:372020-03-17 13:14:20IFRS 16
PreviousNext

Offerings

  • By process
    • Enterprise Planning
    • xP&A
    • Financial Close
    • Management Reporting and Analytics
    • Master Data Management
  • By service
    • EPM Advisory
    • Application Implementation
    • EPM Infrastructure
    • EPM Integration
    • Hosting / Cloud
    • Managed Services
    • Training

Partners

  • OneStream
  • Oracle
  • CCH Tagetik
  • CXO Software
  • EPMware

Resources

  • Blog
  • Events
  • Enabling Decisions
  • Customer Stories
  • Webinars

Company

  • About us
  • Careers
  • Life at inlumi
  • Social Responsibility
  • Contact us

Contact us

Contact form

Subscribe to instant updates from inlumi

Oracle
CCH Tagetik
  • Instagram
  • Twitter
  • Linkedin
  • Vimeo
  • © inlumi 2023
  • Disclaimer
  • Privacy policy
Norwegian Nurses Organisation SBAB Bank

GPS Tagging Lesser Kestrels

This project involves tracking the migration patterns of a unique species which has been facing a dramatic population decline. In July 2022, the team has already tagged two juvenile birds, one of which is named Lumi, after inlumi.

The Lesser Kestrel (Falco naumanni) is a small falcon that historically, was one of the most abundant birds of prey in Europe. The latter half of the 20th century saw the bird fall from grace as their numbers dramatically declined. Over the last 30 years, there’s been a huge effort to conserve the species in Europe and now populations are recovering. Still, there is a lack of data, especially on the high rate of juvenile mortalities, which is why Mossy Earth is funding the GPS tagging of juvenile Lesser Kestrels.

Learn more about the project here.

Radio Tagging Atlantic Salmon

Radio Tagging Atlantic Salmon

According to the Atlantic Salmon Trust, for every 100 Atlantic salmon that leave Scotland’s rivers for the sea, fewer than five return. This represents a decline of nearly 70% in 25 years. This project aims to track Atlantic Salmon through radio tags, focusing on the River Carron and its tributaries. The project will fund the tagging of 10 salmon and provides valuable data for the conservation of this iconic species, including identifying any barriers to spawning that may be exacerbating their decline.

Learn more about the project here.

Building eagle nest platform

Mossy Earth has built two eagle nest platforms in the Scottish Highlands to encourage rare white-tailed and golden eagles to breed on the reserve. Through this intervention, Mossy hopes to encourage eagles to breed in the mature woodland on the reserve to support the local population of golden eagles and support the return of white-tailed eagles to the area.

Watch the video to learn more about this project.

Learn more about the project here.

Protecting Turtle Eggs & Nests

Protecting Turtle Eggs & Nests

With only two known viable populations, the European pond turtle is on the brink of disappearing from Slovakia’s landscapes. Conversion of suitable breeding sites to agricultural land, and destruction of nests and accidental killing of turtles by agricultural machinery threatens the survival of this little turtle.

With access to one of the breeding areas, Mossy Earth’s project partners survey the site with specially trained dogs and erect fences around active nests to protect them from predation. In doing so, the project would help to maximise the breeding success of one of the last remaining populations of European pond turtles in Slovakia.

Learn more about the project here.

Building a Vulture Restaurant

Vultures

Three species of vulture that were once found in Namibia are now locally extinct and endangered globally. Among the threats are poisoning through contaminated livestock and a lack of wild prey. To provide a safe and reliable source of food, and to encourage the return of these magnificent and ecologically important species, our sustainability partner Mossy Earth has built a vulture restaurant where the vultures can find a safe and reliable source of food.

Learn more about the project here.

Your details

Scroll to top