Inchcape implements IFRS 16 solution to manage global leasing, enabling easy management and group consolidation
Inchcape is a vehicle retail, distribution and aftersales company, operating in 6 continents and approximately 40 countries. Headquartered in London, Inchcape has been operating for nearly 200 years. The group is listed on the LSE, turning over excess of £7 Billion per year and employing over 14,000 people worldwide.
As part of the global transition to the IFRS16 accounting standard, Inchcape was required to restate historical rental agreements and set up a process to manage ongoing leases. This involved working with all parts of the business globally, understanding the nature of leases and the processes and solutions that would be required to complete the transition, and help manage leases on an ongoing basis.
Inchcape had to transition to IFRS 16, as it was a statutory need, but the solution initially deployed was not robust, and did not meet the needs of Inchcape.
Reviewing alternative solutions, it was clear that with Anaplan’s IFRS 16 capability, and flexibility to handle additional requirements, Anaplan would be able to deliver all Inchcape’s requirements. Coupled with Fidenda’s strong understanding of the Inchcape business and great working relationship, it was possible to pick up a difficult situation and transition it to a successful outcome.
Fidenda has well established expertise and experience in designing and implementing Anaplan and handling data. Additionally, Fidenda has a rich history of accounting knowledge and project management experience. The IFRS 16 project involved gaining a deep understanding of the IFRS 16 process, transitioning 100s of entities from historical rental agreements to the new asset/liability model required for IFRS16. Fidenda’s accounting competence was critical, not just for to understanding the requirements, but also for discussions with Inchcape group and the vast array of accountants spread across the world.
Fidenda’s project competency and experience was crucial in managing a challenging project that involved input from many different people around the world, and consolidation by group and sign off from auditors. The thorough approach and understanding from Fidenda was key in getting an incredibly challenging project successfully deployed.