IFRS 16 (Lease Accounting)
CCH Tagetik Lease Accounting solution for IFRS 16 ensures compliance with new leasing regulations and helps you manage the large volume of IFRS lease accounting data. The automated lease accounting software solution provides data collection, calculations, reporting & disclosures.
Improve transparency and address IFRS 16 and ASC 842 compliance with a solution that is quick to implement and easy to use.
Common Challenges
Tackling the challenges of implementing IFRS 16 can be daunting, particularly when done manually. From gathering and organising lease data to performing complex calculations, manual processes increase the risk of errors and consume valuable time. Discover how to streamline IFRS 16 implementation and improve accuracy for better financial reporting and compliance.
Data collection and organisation
Gathering and organising lease data from various sources manually can be time-consuming and prone to errors. Lease contracts are often lengthy and complex, and tracking all the
Complex calculations
IFRS 16 involves complex calculations, such as calculating lease liabilities, right-of-use assets, and subsequent measurement adjustments. Performing these calculations manually increases the risk of errors and may be time-consuming, particularly when dealing with a high number of leases.
Master IFRS 16 Compliance with CCH Tagetik’s Comprehensive Solution
The CCH Tagetik IFRS 16 solution is an essential tool for companies to ensure compliance with the new leasing regulations. It provides a centralised repository for the lessee and lessor information, as well as a single lease accounting model that simplifies the process of recognizing, measuring, presenting, and disclosing leases. The solution also allows companies to manage large volumes of data and audit trails, ensuring accuracy and transparency in their financial reporting. With CCH Tagetik’s comprehensive solution, companies can transition to IFRS 16 quickly and easily.
The CCH Tagetik IFRS 16 solution is purpose-built to provide a robust platform to support your lease accounting processes, offering the following benefits:
Features & Benefits:
- Simplified Lease Data Management: The intuitive interface allows you to centralise and manage lease data efficiently. Say goodbye to manual data entry and spreadsheets, and experience streamlined lease data collection, validation, and integration.
- Accurate Lease Classification and Measurement: Ensure accurate lease classification and measurement with the powerful calculation engine. CCH Tagetik IFRS 16 software automates complex calculations, such as present value, interest expense, and lease term, ensuring compliance with IFRS 16 requirements.
- Comprehensive Lease Reporting: Generate comprehensive and customisable lease reports with ease. From balance sheet impact to disclosure requirements, the CCH Tagetik IFRS16 solution equips you with the tools to produce accurate and reliable financial statements.
- Integrated Lease Management: Go beyond compliance wit integrated lease management capabilities. Gain visibility into your lease portfolio, monitor key lease dates, and analyse lease performance.
- Seamless Integration and Collaboration: CCH Tagetik seamlessly integrates with your existing financial systems, enabling data synchronisation and providing a single version of the truth. Collaborate effectively across teams and departments, ensuring consistency and accuracy in your lease accounting processes.
Flexible analytics for complex business questions
From detailed profitability analysis to operational planning, AIH provides the flexibility to model data around your organisation’s requirements. Common use cases include:
Customer and product profitability
Driver-based planning and forecasting
Cost allocations
Transaction-level analysis
Operational and financial reporting
Scenario modelling
High-volume data processing
Finance-owned. Connected. Controlled.
Designed to reduce heavy reliance on IT, AIH gives finance teams greater control over data models, calculations, validation and reporting while maintaining workflow, security and auditability.
It can also work alongside the CCH Tagetik Financial Workspace (a core component of the CCH Tagetik Intelligent Platform), enriching granular data before trusted outputs are used across planning, consolidation and reporting processes.
We needed a system to provide accurate reporting and disclosure for our Group Consolidated Accounts reported under IFRS 16. CCH Tagetik delivered exactly what we were looking for – it’s easy to use interface, automation, and reporting capability meaning that we can now accurately consolidate and report to meet the requirements of IFRS 16.