LEASE ACCOUNTING: ASC 842 & IFRS 16
IFRS REPORTING ENGINE
CCH Tagetik Lease Accounting solution for IFRS 16 & ASC 842 helps you transition to the new leasing regulations and get compliant quickly. CCH Tagetik Lease Accounting provides an automated solution that allows you to easily manage the large volumes of leasing data by providing data collection, calculations, reporting and disclosures according to the new regulations. See our capabilities below.
CCH Tagetik provides a suite of regulatory solutions for IFRS 9, Revenue Accounting (IFRS 15), Lease Accounting (IFRS 16) and IFRS 17 available on cloud or on premise to ensure you remain compliant.
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Lease Accounting key capabilities include
Powerful Calculation Engine
The solution starts you on the way to compliance with a preconfigured data model and leasing calculation models. With CCH Tagetik, you can import and/or input data including leasing contract info, asset details, fixed and variables lease parameters. All lease exemptions are shown in one view to compare and adjust for IFRS 16/ASC 842 and Transition period. Graphically view assets, liabilities, expenses, depreciation and interest expense to show impact on Balance Sheet and Profit & Loss using different scenarios. Results can be viewed IFRS/ASC 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 & ASC 842 and other reporting requirements. From the single version of the truth, you can accurately calculate, report and disclose while minimizing risk. CCH 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 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.
Integrated solution
CCH Tagetik's ETL capabilities allow you to seamlessly import or export data from any source system. Without disrupting your existing architecture, our IFRS solutions integrate with all systems including CCH Tagetik CPM and non-CCH Tagetik applications. Import or export data from any source with the confidence.
Modelling and Calculation Engine
With CCH 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
A single version of data makes it easy to analyze, drill down to details, and report while adhering to IFRS 16 & ASC 842 disclosure requirements. With our additional Collaborative Office solution, you can easily create a MS Word financial statement, a pdf board book, a PowerPoint presentation or a submission to regulators; have complete confidence that numbers and narrative are accurate and auditable.
ASC 842/IFRS16 IS ARRIVING SOON! MARK YOUR CALENDARS! SET YOUR ALARMS!
ASC 842 arrives later this year on December 15, 2018! On January 1, 2019, IFRS 16 Leases comes into effect for public companies.
Get ahead of the curve on Lease Accounting Compliance
Workflow and Collaboration
Finance, sales, and operations are better aligned using CCH Tagetik’s preconfigured workflow and communication tools that unify the entire cycle and keep contributors on track and reports on time.
Audit Trail
Users can see who, when, and where data came from, it’s entire lifecycle, down to the metadata. With CCH Tagetik, you get a detailed audit trail for full transparency.
Finance Powered
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 & ASC 842 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
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. CCH 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
Roadshow IFRS 16 Wake Up Call
Watch this webinar to better understand the challenges of IFRS 16 that will come into effect January 2019. You will learn about the impact of this new standard, and how to get them up and running which is often more challenging and time consuming than expected.
CCH Tagetik's ifrs Software is trusted by leading companies across several industries
Lease Accounting Solution (IFRS 16), Consolidation, CDM
IFRS Consolidation, Solvency II, MVBS, BPF, IVASS
IFRS 16, Budgeting, Planning & Forecasting, Consolidation, Reporting, CDM
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Lease Accounting (IFRS 16), Consolidation, Reporting, Cash Flow Planning, Budgeting, Forecasting, Analytics
IFRS Reporting, Consolidation, Cash Flow Planning, Budgeting, Monthly Closing
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