LEASE ACCOUNTING: ASC 842 & IFRS 16

ASC 842 & IFRS 16 Software Solution

CCH Tagetik for Lease Accounting IFRS 16 & ASC 842 software solution 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.

Stay compliant with ASC 842 & IFRS 16 adopting our cloud or on premise solution for Lease Accounting.

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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.

Read ASC 842 eBook Read IFRS 16 eBook

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

IFRS 16 - Experiences From IFRS 16 Implementation Processes

In this webinar, Lars-Arvid Nordin, Services Manager at CCH Tagetik and Lars-Roar Johansen, Commercial Manager at inlumi, shares their experiences from ongoing IFRS 16 projects and provides a demo of how CCH Tagetik Lease Accounting solution provides data collection, calculations and reporting & disclosures achieving full compliance under IFRS 16.

play the Webinar!