06 Dec Ensuring IFRS Compliance Across Extensive Car Fleet
A global Hi-Tech business with a car fleet of 4200 in 22 countries
With such an expansive company car fleet, the client needed to design a companywide lease database that would allow it to comply with IFRS 16 and US GAAP accounting regulations.
During the design phase the project team quickly discovered the complexity of the car lease supply chain across their EMEA markets, having to deal with more than 60 suppliers. It became apparent to the team that as Fleetworx was already collecting critical fleet data from the entire supply chain, it made sense to engage us to help construct the database.
Fleetworx were able to highlight the static and changing factors of the lease agreements and provide a methodology to manage this data, allowing the global project team to build their system to accommodate the regular updates that would be required.
Fleetworx agreed a cadence and format for reporting that means the data now comes from a single source (Fleetworx) and has been fully vetted for errors and anomalies before it enters their system.
As a result the client now benefits from:
- a compliant vehicle lease accounting system
- single source, monthly updates
- a full audit trail of all vehicle lease contracts
- the retention of the re-write histories and the supporting lease schedules.