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2 Min Demo: IFRS16 ASC842 Lease Accounting

CCH Tagetik has a flexible solution to guide and manage your transition to the new Lease Accounting standard rapidly and accurately. Both IFRS16 and ASC842 are managed in the solution and it is flexible, allowing for rapid deployment, analysis and disclosure.

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CCH Tagetik has a solution to assist your organization in addressing the new lease accounting standards for IFRS16 and ASC842.

Leveraging the full functionality of CCH Tagetik CPM solution and our integration into Microsoft Office, CCH Tagetik has developed a solution that will allow you to load your lease profiles, calculate the right of your assets and lease liabilities.

Let me show you some of the out-of-the-box features of this offering.

First, the application comes for the engine for IFRS16 and a separate engine for ASC842, each addressing both standards in the nuances, in this case I've set up two processes, one for each of the two standards but, as you can see I can have as many as are required, and I'm able to configure them, for example which transition option do I wish to use, what low value asset exemptions will be allowed, or expiration thresholds, just to name a few.

So I can have an apples-to-apples comparisons on the impacts of decisions regarding how the organization will apply the standard by applying them to the same loaded leases.

The application comes with a workflow cockpit that will allow to share and spread responsibility for loading and analyzing the results with real-time insight into where everyone stands in completing their steps.

These data can be loaded using an ETL, either against a flat file or going directly against the database and a roll-forward for utility will ensure that you never have to reload the leases more than once.

Of course, you will also be able to create and modify leases as time goes on.

Within each lease profile selections are available to ensure that the engine handles each lease appropriately and accurately.

Extra guidance is also provided to ensure that you have complete information, so don't worry, it'll help you see around the corners.

We can handle any level of complexity within a lease, whether be multi-stepped or whether the lease includes purchase options, terminations options even renewal options, just to name a few.

Keep in mind that the users can also attach comments or documents directly to the profile, so you can quickly understand why anything was updated.

Simply pressing enter will kick off the calculation engine that will calculate and present you with the lease liabilities and the right of used asset and all detailed payments, depreciations and adjustments in seconds, not hours or days, as well it will also create all the needed journals for updating your ERP or reporting application in full debits and credits.

But you can choose to leverage CCH Tagetik's reporting capabilities as well.

The disclosure reports come out of the box, but make no mistake, we will show you how easy it is to build any additional reports you may need.

So, the solution has what you need to simply integrate the new standards into your organization and it has the flexibility you require to ensure that the integration will be sound and accurate.

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