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TI Automotive Can Now Deliver Their Lease Accounting IFRS 16 Reporting Across the Globe.


Listen to how CCH Tagetik's Lease Accounting IFRS 16 easily manages large volumes of leasing data by providing data collection, calculations, reporting and disclosures according to the new regulations.

Transcript


So we started the project 2 years ago and once we gathered our information and system requirements we realized we needed a global system that really met our needs.

We knew that we had around 2 to 3 thousand leases to cover so, we knew that Excel was not going to cut it, and we wanted a standard global solution to know that everyone was using data consistently.

The beauty of an online system is you have everything going through the same process and this can then be really clear on the outputs and how they've been derived.

We worked through a selection process, selected CCH Tagetik in July, really based on the global spread, the ability of the system, the user interface and that connectivity in terms of the global operations that we support.

And really what came across was the passion of the people in terms of the knowledge of the tool and what it can deliver to us.

That gave us the trust in terms of the commitment and knowledge about system.

That really worked for us and the fact that we wanted to identify the need for a global solution that would work across our diverse population, enabled us to take this decision to really match that passion in the tool with a standard process across our global network.

The CCH Tagetik's IFRS16 lease solution really gave us that standard report enablement so that we can then look at our global operation and give us a standard output that met the disclosure requirements of the new standard and that we can write reports that configure to our needs to give us the data globally almost at the punch of the button to make sure that we get reports out that feed our consolidation system.

So in defining the outputs and requirements early, we knew what the reports were, we knew what additional disclosures we wanted, and its just a matter of configuration and running reports on the global system to get us really good data very quickly out of the new system.

And recently at the board meeting that approved the 2018 annual report they were so interested in what the future outlook and the impact of a change would have on our numbers and what we would disclose to the markets.

And the benefit of the new CCH tagetik tool is that we were able to give that information and model forward using the database, using the reporting so we got a good data to the board so I'm really pleased that we've implemented it early to get that knowledge in system solution.

I would absolutely recommend CCH Tagetik IFRS lease solution as a great global tool to deliver.

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