The customer is a Leading Global Organization and Multinational Retailing Corporation with annual revenues in excess of US$480 billion and which is one of the largest private employer in the world with over 2 million employees. As an international company, our customer is impacted by the new lease regulations ASC842 and IFRS16 that will take effect from January 2019. These new standards will change the way balancing & handling of lease contracts is performed and will require the company to report almost all lease contracts on the balance sheet, rather than off balance sheet.
The Company is not an early adopter of the standards, but needs to load its leases as part of a first release by March 2018 using the old standards (ASC 840 and IAS17) for North America, Europe, Latin America & Asia Pacific. This is a major challenge, since it involves around 10,000 leases distributed amongst about 950 company codes.
As leading co-innovation partner with both SAP & Nakisa, Bramasol provided a holistic set of solutions & expertise to address the impact and make the company ready for new Lease Accounting Standards ASC842 & IFRS16.
We Implemented Nakisa SLAN Enabled control of lease contracts with multi-layered approval process Integration with Native Finance System which is Secure, Scalable & Flexible. This enabled lease accounting compliance & streamlined lease administration processes for global lease portfolios.
Since the new leasing standards-setting process began, Bramasol has been at the forefront of addressing critical issues to help our customers get ready for both IFRS 16 and ASC 842. We have developed the Rapid Leasing Compliance Solution which further distills these overall efforts in a targeted turnkey solution, designed to help companies with straightforward leasing portfolios to cut through the complexity of the new standards and achieve compliance without excessive hassles or expense.
This turnkey offering is designed for companies with up to 300 leases and includes;
- 5 Basic Scenarios for Real Estate, Movables, or both
- Set-up of Nakisa and/or RE/FX
- Standard data & document loading
- Security set-up
- Standard out-of-the-box disclosures and reports for ASC 842 or IFRS 16