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ATEA

Application of IFRS16

"Created solution is intuitive – user friendly and allows to manage lease contract with minimum efforts."

Company description

 

Number of employees in Baltic region: 700

Turnover (exc. VAT) 2016: 50 000 001 - 100 000 000 €

Areas of activity: computer software and hardware, IT services, telecommunications.

Atea – is the largest IT solution and services provider in Baltic region. This company creates value for its customers by providing products, services and solutions for IT infrastructure, applications and security of objects and systems. Atea has over 700 employees working in the Baltic region and the annual turnover in 2017 reached 115 million Euro.

Atea Group is a leading IT infrastructure solution provider in Nordic and Baltic regions.  Atea shares are quoted on the Oslo Stock Exchange and the Group's turnover is around 3 billion Euro.

 

Project goals

 

• To adopt ATEA Baltic currently used ERP for accounting lease agreements as requested in IFRS16.
• To build flexible solution, which will be used not only in ATEA Baltic, but also in ATEA Nordic countries. This way ensuring common approach and solution usage in all companies of ATEA Group.
• To have ready to use solution before officially requested starting day (1st January 2019), thus leaving enough time for transitional period activities.

 

Why Columbus?

 

• Columbus and ATEA Group are successfully cooperating in IT projects for more than 10 years, and thus Columbus has gained reliable partner’s name.
• Columbus has a strong background of lease contracts management solutions (with certificated Columbus Leasing product) on lessor side and could re-use know-how for building lease management solution for lessees.

 

Solution description

 

Columbus solution – IFRS 16 module, which can be incorporated into ERP of lessee companies to meet IFRS16 requirements.

The main idea of Columbus IFRS 16 solution is to calculate present value of future lease payments and calculate lease schedules, where contractual monthly payments are split into two parts – present value and interests’ amount. It also includes significant number of features and enhancements that are required by lessees to support lease agreement accounting according to IFRS, starting with its signing, schedule calculation and up to its natural ending or termination.

Columbus IFRS 16 solution is based on Microsoft Dynamics NAV and tightly integrated with general ledger, fixed assets and other Microsoft Dynamics NAV modules.

 

The core functionality includes:

• Present value calculation using period payment, lease period, interest rate and various other additional parameters.
• Lease schedule calculation (monthly, quarterly, half year, annual).
• RoU Asset Management.
• Contract amendment management.
• Contract ending activities management.
• Lease agreement accounting operations.
• Contracts status flow.

 

Project results

 

• Project results were delivered before the final term agreed in contract, thus leaving reasonable time for GO-Live preparations and more options for transition period.
• Created solution is fully covering ATEA Baltics needs for adjusted IFRS16 requirements and will be used as a basis for ATEA Nordic countries without major modifications.
• Columbus IFRS16 solution background will be used in upcoming another big ATEA project – Operating Sub-Lease.
• Created solution is intuitive – user friendly and allows to manage lease contract with minimum efforts, in the same time ensuring avoidance of possible mistakes.
• Advanced technical architecture will allow to expand solution with additional features in future, if there will be such.

 

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