Credito Valtellinese chooses Board Lease Accounting for flexible, comprehensive management of compliance with IFRS 16
Used as its sole reference for lease contracts, the application gives CREVAL full control of the process, from data collection to automatic calculation, and scenario simulation to reporting and disclosure.
A global leader in decision-making solutions, Board International has announced that the Credito Valtellinese bank group, which has 355 branches and over 3,500 employees in Italy, has adopted its application for the management and control of lease and sublease contracts.The Board solution ensures compliance with IFRS 16, while taking advantage of standardised BI and Performance Management functions.
The implementation plan was overseen by Creval’s Regulatory Affairs Division, whose Head, Lara Vettorato, explained:
“In view of the size of our organization, the value of our lease contracts is pretty substantial – from real estate to automotive – and covers both functional and investment assets. We decided to launch a project aimed at estimating the economic and financial effects of the new IFRS 16 accounting standard, both for initial and ongoing application.”
The Board Lease Accounting application is specifically designed to enable organizations to meet requirements of IFRS 16 (and ASC 842) for lease contracts with the utmost ease and gain end-to-end control of every stage of the process: from data collection and management to calculation, scenario simulation, and reporting. Since it is largely dedicated to one specific accounting standard, the application is predefined, unlike other Board applications which have a very high level of flexibility and customization. Regardless, the flexibility that typifies the decision-making platform remains a feature of this application:
“It is worth emphasizing that Board’s application for IFRS 16 also proved capable of incorporating all the custom features we wanted, without straying beyond the regulatory boundaries,” added Lara Vettorato.
“We are very proud to have successfully implemented this project for the management and control of lease contracts within the Credito Valtellinese Group,” observed Michele Bernasconi, Head of Financial Application at Board International. “This is another clear demonstration of our platform’s potential, both in terms of its ability to cut across the various areas of the organization in which Board is able to help companies, and in terms of the professional roles and functions that can benefit from our solutions, from the Management and Reporting Department to the Chief Information Officer, Risk Management Department and Logistics Managers.”
Board is the #1 decision-making platform. Founded in 1994, Board enables people to have a transformative impact on their business, helping them to intuitively play and create with data in a flexible, all-in-one decision-making platform. By unifying Business Intelligence, Corporate Performance Management, and Predictive Analytics, the Board platform allows companies to produce a single, accurate, and complete view of business information, gain actionable insights, and achieve full control of performance across the entire organization. Thanks to Board, global enterprises such as Coca-Cola, Ricoh, KPMG, Puma, Siemens, and ZF Group have deployed end-to end decision-making applications at a fraction of the time and cost associated with traditional solutions. www.board.com