For TIP, lease management is a key part of its core business both as a lessee and lessor. Driven by the need to become IFRS 16 compliant, TIP launched a project to assess the impact on its financial statements using the full retrospective transition approach.
Internal communication around IFRS 16 did not initially generate much interest within the organization, as local colleagues did not always speak the same financial language. However, TIP had to find a way to encourage local engagement while at the same time centralizing the accounting process to ensure data integrity. To achieve this important goal, TIP decided to select and implement a new central contract management system that included automated IFRS 16 lease accounting calculations, journals entries, 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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