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.