ifrs 16 key capabilities include
Powerful IFRS 16 Engine
The solution starts you on the way to compliance with a preconfigured data model and leasing calculation models. With Tagetik, you can import and/or input data including leasing contract info, asset details, fixed and variables lease payments, renewal/termination/purchase options etc. All lease exemptions are shown in one view to compare and adjust for IFRS 16 and Transition period. Calculate actuals or forward looking for planning and forecasting. Graphically view assets, liabilities, expenses, depreciation and interest expense to show impact on Balance Sheet and Profit and Loss using different scenarios. Results can be viewed IAS 17, IFRS full amounts and Delta bookings for ‘as-is’ and ‘to-be’ analysis.
Leasing Data Mart
The solution creates a corporate leasing data mart for IFRS 16 and other reporting requirements. From the single version of the truth, you can accurately calculate, report and disclose while minimizing risk. Tagetik integrates with Qlik Sense and Microsoft BI solutions so you can easily analyze and drilldown as deep as you need to. When you’ve got the confidence in your numbers, you can spend more time on analysis and forward planning.
A Pre-Built Solution
Out of the box, users get a data model that’s IFRS 16 compliant. The kit includes preconfigured calculations, workflow and a suite of modelling tools, so that you can extend and manage a library of leasing data models. Maintain contract models for lease type (land, vehicles, computers etc.). Calculate right of use (RoU) Asset and liabilities for present value of its future lease payments. Calculates a depreciation charge for lease assets, and an interest expense on lease liabilities.
Tagetik's IFRS solutions are non-disruptive to existing architectures - they integrate with all your systems, including Tagetik CPM and non-Tagetik applications, on premises or on the cloud. Tagetik's ETL capabilities allow you to seamlessly integrate with any source system to import or export data.
Modelling and Calculation Engine
With Tagetik’s calculation engine and the power of analytics, you can process and calculate large volumes of data quickly. Flexible modelling allows you to easily configure and maintain calculation logic and rules with a Finance-friendly interface to stay compliant.
Disclosure and Reporting
Borrowing functionality from Tagetik’s Collaborative Office, document the output of information while managing information in a controlled, but collaborative workflow. A single version of data makes that data easy to report on while adhering to IFRS 16’s disclosure requirements and ensuring the numbers are consistent and in their truest form.
GET AHEAD OF THE CURVE ON IFRS 16 COMPLIANCE
Workflow and Collaboration
Finance, sales, and operations are better aligned using Tagetik’s preconfigured workflow and communication tools that unify the entire cycle and keep contributors on track and reports on time.
Users can see who, when, and where data came from, it’s entire lifecycle, down to the metadata. With Tagetik, you get a detailed audit trail for full transparency.
Even with multiple diverse data sources, granular data, and complex calculations, Finance owns and manages the entire process from start to finish.
Easy to Use
Intuitive user experience, pre-configured calculations and templates make IFRS 16 compliance as simple as possible for everyone involved.
Reuse Valuable Data
Reuse the same data across multiple internal and external reporting requirements. Upload data with adjustments back to source systems for consistent data across systems.
Reduce risk of errors, inconsistencies or omissions by using packaged templates and disclosure reporting intelligence.
Part of Unified CPM
No single regulatory report is an island, it’s the outcome of your entire financial management processes and reporting systems. Tagetik is the only unified CPM solution to drive numbers accurately and efficiently into regulatory reports.
Cloud without Compromise
On Cloud. On Premise. One Solution. Whether you choose cloud or on-premise, it’s the same solution that’s owned and operated by finance.
On Demand Webinar
On the move for IFRS 15 & 16. How to be compliant with no disruption.
In this webinar, senior IFRS consultant, Tom Borsboom will dig deep into both IFRS 15 and 16. He’ll discuss the coming requirements, the impacts your systems will face, and how your company can leverage Tagetik for a smooth, non-disruptive solution.
Tagetik's ifrs Software is trusted by leading companies across several industries
IFRS 16, Budgeting, Planning & Forecasting, Consolidation, Reporting, CDM
IFRS Consolidation, Consolidation, CDM, Solvency II, IVASS Reporting
Browse our Resources
The new IFRS wave – not to be underestimated
Blog post by Jérôme Vial, Country Head - Tagetik Switzerland
Annual and quarterly IFRS reporting, Consolidation, Budgeting and rolling forecasting, Cash flow, Management and Investor Relations reporting
IFRS statutory consolidation, Budget consolidation, Quarterly forecasts, KPI management reporting
Monthly data collection, Financial consolidation, Cash flow reporting, Management reporting, Annual IFRS consolidated financial statements
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