Halma Plc
How VantagePoint helped Halma Plc. architect and deliver a new IFRS 16 monthly close process to ensure compliance with the accounting standard, and with improved visibility into lease information.
The Challenge
Implementing CCH Tagetik for IFRS 16 compliance by the transition deadline.
- Actuals, Budget and Short Term Forecast.
- Integration with existing ledger and consolidation applications.
- Reporting requirements; management and statutory hierarchies within a multi-currency dataset, including pre and post IFRS 16 comparatives.
- A high number of end users within a multinational framework.
The Solution
Implementation of a new IFRS 16 actuals and budget process, covering a high volume of leases, successfully delivering all reporting needs of the business. The scope of the project ranged from transition impact analysis and reconciliation, review of complex lease arrangements and end-to-end process design. An extensive training programme across different time zones allowed the high number of end users to adopt the tool as part of the closing cycle, with the controlled workflow process allowing transparency and monitoring of task completion on a periodic basis. A customised on-demand output of accounting journal entries allowed smooth loading into the ledger system by the group finance team.
