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Bramasol helps Discovery Inc, a Global Leader in Real Life Entertainment to Automate Lease Accounting Disclosure Solution

Key Takeaways

⇨ Discovery Inc. successfully implemented a customized lease accounting disclosure solution compliant with ASC 842/IFRS 16, addressing centralized reporting, currency exchange challenges, and rolling 12-month forecasts.

⇨ Bramasol's solutions included specialized functionalities like exchange rate triangulation, rolling 12-month cycle features, and detailed audit trails to enhance efficiency and accuracy in financial reporting.

⇨ The collaboration between Discovery Inc. and Bramasol demonstrates the effectiveness of tailored solutions in overcoming complex lease accounting challenges, ensuring compliance and streamlined financial statement closes.

Read the case study and learn how Bramasol helped Discovery Inc to achieve scale and high performance.

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Discovery, Inc., a global leader in real life entertainment, serving a passionate audience of super fans around the world with content that inspires, informs and entertains. Discovery delivers over 8,000 hours of original programming each year and has category leadership across deeply loved content genres around the world. Available in 220 countries and territories and 50 languages, Discovery is a platform innovator, reaching viewers on all screens.

The Problem

Discovery Inc a global entertainment leader needed an automated lease accounting disclosure solution that was compliant with ASC 842/IFRS 16. This solution needed to fit their existing processes to enable efficient financial statement close.

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Key Challenges

• Centralize disclosure reporting that includes countries with disconnected systems.

• Currency exchange rates are not fully maintained especially for countries with disconnected systems.

• Liability forecast follows a rolling 12-month cycle.

• Difficulty in reconciling disclosure with some management reports.

• Security concerns over updates to configuration and manual tables.

Solutions

 

• Bramasol developed Table to facilitate manual entries of lease cost, payment, variable cost, and other categories as source data for reporting.

• Exchange rate triangulation functionality to report on group currency.

• Rolling 12-month cycle feature to Maturity Analysis report.

• Report details such as contract name, asset class and asset number to FASB/IFRS reports to simplify reconciliation of some management reports.

• Audit trails to disclosure configuration and manual tables that included details on who made the change, value changed, date and time.

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