Case Study: Smith & Nephew achieves simplified IFRS 16 compliance and streamlined reporting with CCH Tagetik

CCH Tagetik's manages the complexity of IFRS 16 disclosure requirements seamlessly for Smith & Nephews Finance team

Smith & Nephew, a FTSE100 medical technology company operating in about 100 countries, faced the complexity of implementing the new lease accounting standard IFRS 16 across a large group with many entities, currencies and ERP systems. Managing the requirements in Excel proved unworkable, and they needed a solution that could handle multiple currencies, charts of accounts and robust accounting and reporting needs.

They implemented CCH Tagetik Lease Accounting (for IFRS 16 & ASC 842) on the cloud, gaining a fast, easy-to-use system that delivered accuracy, transparency and automated disclosure reporting without adding headcount. The platform supported cross-functional processes (procurement, tax, treasury), extended to month-end journals and forecasting, and provided consistent, reliable reports that management now use to make informed decisions.

Smith & Nephew

Michelle O'Mara

Group Technical Accounting Director