In 2016, the International Accounting Standards Board (IASB) issued a new financial reporting standard IFRS 16, which deals with the accounting treatment of lease contracts. This is the perfect time to choose and implement a solution that will provide companies with consistent calculations, bookkeeping in the general ledger, and reporting. Companies should immediately start collecting all data from contracts, as the procedures are relatively time-consuming. We offer help with implementation and migration through a comprehensive platform, CCH Tagetik.
Why should you be well prepared for changes in accounting standards when it comes to leases?
The new International Financial Reporting Standards IFRS 16 radically change the method of accounting for leases. The balance sheets of companies and, hence, the financial picture of companies will significantly change.
Who is affected by the new method of financial reporting?
This mostly concerns companies that report in accordance with international standards and use their assets in operating leases in their operations.
Why is it important that you start preparing immediately?
IFRS 16 enters into force on 1st January 2019. Given the scale of the data that companies need to collect and the time-consuming procedures for their collection, there is very little preparation time.
What do we advise you?
When introducing IFRS 16, make sure to have an effective and reliable IT solution. This will greatly ease the transition to a new standard.
Why is CCH Tagetik a good solution for this?
CCH Tagetik is a comprehensive solution, allowing you to report in compliance with IFRS 16. It provides a simple management of databases, keeps record of audit trails and performs calculations according to the new standard.
The benefits of the CCH Tagetik solution
• entry of all contracts into a single collection
• full traceability of all changes to contractual terms
• saving calculations of past periods
• correct and fast calculation of accounting categories
• preparation of entries in the general ledger.
For everybody who wants a simple transition to IFRS 16, we organize free CCH Tagetik demonstration workshops
|“After today’s presentation, I believe that the transition to IFRS 16 will be quick and successful based on the functionality of CCH Tagetik. About the tool itself, I like the input of data into the system and calculation engine. With the help of the latter we get the information that can be entered into our system.” Simon Hočevar, LES MMS||“I came to see the CCH Tagetik solution as one of the options. It is difficult to say whether this is the best solution, but it is true that the entry of contracts is easy, calculations are fast, so CCH Tagetik certainly replaces and eases all this work, which we manually monitor from the folders today. Calculations of rents, current values, leases, residual values, payments and automatic entries that CCH Tagetik processed and exported to Excel could then simply, without additional work, be exported to our business information system.” Zlatko Zobovic, Unior||“To me, the CCH Tagetik solution seems very user friendly. I already use one of the solutions, the consolidation module that I find relatively simple and clear, although I must say, once you learn how to use it, it’s very simple and intuitive from an operational point of view. In our company, we also use a reporting and planning module. I think that the transition from CCH Tagetik to IFRS 16 will be simpler than we expected first.” Klemen Eržen, Mladinska knjiga|
Do you want to check if CCH Tagetik is the right tool to help you with a smooth transition to IFRS 16?
Take advantage of free consulting on the transition to IFRS 16 by submitting this form.