Let us remove time, effort and worry from your preparations for IFRS 16

International Financial Reporting Standard (IFRS) 16 – which could be much more important for your business than it sounds – becomes effective from 1 January 2019. The Opal Wave IFRS 16 solution for SAP BPC reduces time, effort and worry from your preparations for this landmark measure. This solution is perfect if you have any form of existing SAP Business Planning and Consolidation (BPC) installation.

What is IFRS 16?

IFRS 16 essentially makes accounting for lease assets and liabilities up-to-date and transparent. It says all lessee leases must be reported on balance sheets, except those of little value or with terms of 12 months or less. The measure prescribes how revenue or income from affected leases should be treated, which differs according to whether they fall into its “operating” or “financial” categories.

Why does IFRS 16 matter?

It could cost your company business

Actual and potential customers often base their view of an organisation on its balance sheet, so non-compliance may cause them to see you as inferior to your rivals.

It could breach current funding agreements

Non-compliance could affect, or even breach, your existing agreements for lines of credit, loans or investments, for example.

It could hit future funding

Non-compliance could hinder your ability to secure finance, such as credit, loans or investments, in the future.

Why should I start planning for IFRS 16 now?

Because you can’t get your ducks in a row overnight. IFRS 16 is a complex measure, causing some agreements to no longer be classed as leases and others to start being defined in this way, for example. Accounting and compliance experts will therefore normally have to undertake tasks including examining all potentially relevant lease agreements and their related documentation, to decide whether their reporting requirements are changing and, if so, how. They will also have to set up systems which generate the information needed in the future for all leases where disclosure is required.
Implementing our Opal Wave IFRS 16 solution for SAP BPC will ensure you’ll have the smoothest possible path to compliance if you use it.

IFRS 16 comes into effect on the 1st January 2019, you need to be planning for this now.

What does Opal Wave’s IFRS 16 solution contain?

It contains a standard IFRS 16 template, comprising all the elements you’ll need to create and maintain information for the required reporting, including the necessary administration and calculation functions. The solution has been thoroughly tested against the guidance model developed by top accountancy practice Deloitte, which incorporates worked examples and reference data for purposes such as leases.

Why should I acquire Opal Wave’s IFRS 16 solution?

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  • Versatility
The solution can be deployed with any existing SAP BPC installation.
  • Speed
Deployment is rapid and simple.
  • Leverage your existing set-up and previous investment
The cost-effective solution enables you to leverage your past spending on SAP BPC. In infrastructure, no additional installation or roll-out is needed and no new hardware required, plus you can use your current system architecture. You can also utilise your existing software, security platform and authorisation settings.
  • Convenience
There’s no need to redevelop or customise existing functionality and integration with your current consolidation model is seamless.
  • Familiarity
The solution is built in the same familiar software as your existing consolidation system, meaning you secure many process and data management simplification benefits.
  • No need to learn new skills
Current SAP BPC system owners can extend and manage the system without having to learn new skills, while existing users can adopt the new solution, using their current licenses, after minimal training.
  • Elimination of risk
Using Opal Wave’s proven solution will avoid the risk of adopting untried or new technology from an unfamiliar provider.
  • Developed by experienced experts
The solution has been designed and built by SAP BPC experts, who have delivered solutions meeting customer needs for many years.
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