OneStream IFRS16 starter kit
The IFRS16 regulations have kept accounting professionals busy the past year and will probably keep doing so until the processes have been smoothed and automated. Many organizations are looking for a system to support both their regulatory and internal information needs. And many solutions are available, however most early adopters struggled with their implementation due to the lack of flexibility of these tools.
A flexible lease accounting solution
During our IFRS16 implementations so far, we’ve discovered that each organization wants to implement a system to their specific needs. A rigid out-of-box solution often doesn’t fulfill all the needs and is complex and time consuming to adjust. Therefore, we decided to develop a starter kit with best practices from earlier implementations. This starter kit is open and flexible, so you can easily adjust this IFRS solution to your needs.
In addition to best practices, our starter kit in OneStream utilizes both the analytical capabilities and the relational blending features that differentiate OneStream from other available solutions on the market.
The benefits of the OneStream IFRS16 starter kit
With the OneStream IFRS16 starter kit you can quickly and flexible create an application to cover both your internal and external IFRS16 reporting needs. This flexible lease accounting solution gives you the following benefits:
- Import your Leases from an Excel template or directly from a source system into the central lease register.
- Utilize the standard OneStream workflow to manage your leases from period to period.
- Use and/ or adjust the standard set of calculations to generate the information and reports that you need.
- Export the calculated results as a journal back to your ERP system and/ or directly into the OneStream cube for further analysis.
- Quickly analyse the impact or IFRS16 on your EBIT and Balance Sheet.
- Out of the box maturity model which gives insight in the duration of your Lease Register and individual contracts.
How to use the OneStream IFRS solution?
This IFRS solution has been developed to be open and flexible. To gain full benefit of the flexibility, we’ve developed an implementation approach suited to the often-changing requirements regarding lease accounting.
After a requirements session, we will set up our starter kit with your requirements as a starting point. This is followed by an iterative process of improvement, allowing your people to quickly see results and adopt to the new system.
Some highlights in the OneStream IFRS16 starter kit:
- A central register that can be customized to your needs utilizing the standard OneStream WorkFlow security.
- A user-friendly user interface to manage your leases. Like copying contracts, comparing registers between periods, entering manual payment schedules and showing the detailed lease schedule.
- Standard customizable calculations that generate journal entries and supporting information. These can also be used for mutations during the contract or to calculate early termination and/ or renewal options.
- Customizable extract to your GL system or just to Excel for further analysis.
- Integration with the OneStream cube for dashboarding and integration with your regular consolidation setup.
Effective end-to-end IFRS16 reporting process
Our experts enable you to maximize your OneStream XF platform utilization. Together with your accounting professionals we investigate how to configure the IFRS16 starter kit to your exact needs. We support you in the implementation, the adoption of your users and the integration to both your source- and target systems. This allows you to utilize OneStream for all your IFRS16 needs.
Interested? Or do you need more information about the IFRS16 starter kit for OneStream XF? Contact marc.roest@finext.nl and find out how our IFRS16 starter kit can support your organization.
Finext and OneStream
Finext is partner of OneStream and works closely together with this important player in Performance Management. Together, we executed over 50 OneStream projects world-wide.
Finext has a team of certified consultants with a strong track record in Enterprise Performance Management solutions. As independent specialists, we believe that the right Performance Management solution is determined by your situation. What is the context, what are the goals you want to achieve and what are your business needs? We are happy to advise and assist, also during the selection process.
