Case Study: Svevia achieves automated IFRS 16 lease accounting with Wolters Kluwer ELM Solutions' CCH Tagetik

Svevia implemented CCH® Tagetik’s software for Lease Accounting IFRS 16 and ASC 842.

Svevia, an independent Swedish construction and infrastructure company, faced a major IFRS 16 compliance challenge with more than 3,000 leasing contracts, including 900 sublease agreements with frequent monthly changes tied to STIBOR. To manage this complexity, Svevia turned to Wolters Kluwer ELM Solutions and its CCH® Tagetik Lease Accounting solution for IFRS 16 and ASC 842.

Wolters Kluwer ELM Solutions implemented CCH Tagetik in about four months, including customized sublease reporting, ETL integration, and annual report functionality. The solution automated lease and sublease calculations, improved drill-down visibility and outlier detection, and simplified disclosure reporting, saving significant time and making it possible for Svevia to manage all contract updates that would have been impractical to handle manually.

Svevia

Susanne Vogt

Group Accounting Manager