TIP: ‘On-time and in-budget IFRS 16 lease accounting compliance with Planon Universe.’
For TIP Trailer Services, lease management is a key part of its core business, both as lessee and lessor. Driven by IFRS 16 compliance, in 2016 TIP started a project to assess the impact on its financial statements based on the full retrospective transition approach.
Talking about IFRS 16 did not initially generate much interest as local colleagues did not always speak the same financial language. TIP had to find a way to encourage local engagement while at the same time centralising the accounting process to ensure data integrity. To achieve this important goal, TIP decided to select and implement a new central contract management system, including automated IFRS 16 lease accounting calculations, journals and analytics.
TIP selected Planon Universe because of its
- full cloud deployment,
- the user-friendly interface,
- the maturity of its IFRS 16 functionality and
- the positive feedback from reference cases.
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