IFRS 16 Migration Success: Empowering a Consulting Giant with SAP RAR
Key Takeaways
⇨ Compliance-driven Transition: Aricord Consulting partnered with a global consulting firm to address the challenges posed by the new IFRS 15 standards on lease accounting. The mission was to implement the SAP Revenue Accounting and Reporting (RAR) solution to automate lease reporting and ensure compliance.
⇨ Tailored SAP Solution: Aricord's approach involved a thorough analysis of the client's lease management processes, leading to the design and implementation of a customized SAP RAR solution. This solution automated lease data collection, calculation, and reporting, mitigating manual errors and compliance risks associated with managing leases across multiple countries with varying accounting standards.
⇨ Tangible Benefits and Client Satisfaction: The successful implementation of the SAP RAR solution within the projected timeframe resulted in significant reductions in manual workload and increased reporting accuracy.
Project Overview Aricord Consulting undertook a strategic project with a leading global consulting firm to transition their lease accounting practices in compliance with the new IFRS 15 standards. The mission was to implement the SAP Revenue Accounting and Reporting (RAR) solution to automate lease reporting and enhance financial accuracy. Client Challenges The client faced challenges…
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