Stella McCartney Transforms Financial Consolidation And Lease Accounting With Board
Board revamps financial analysis, consolidation and reporting for luxury lifestyle brand’s IFRS 16 compliance
Board International, the leading provider of the #1 decision-making platform, has today announced that luxury lifestyle brand Stella McCartney is working with Board to transform financial consolidation and lease accounting.
Board is enabling the luxury lifestyle brand to automate financial consolidation from multiple locations worldwide, replace manual and time-consuming consolidation activities, model the impact of different scenarios on financial performance and achieve full lease accounting compliance with ease, for IFRS 16.
Stella McCartney is a luxury lifestyle brand that was launched under the designer’s name in 2001, with collections available in more than 100 countries and 53 freestanding stores including London, New York, Los Angeles, Paris, Milan, Tokyo, Hong Kong, Shanghai and Beijing.
“The Board platform’s ability to streamline our finance consolidation activities, whilst preserving the accuracy of financial data from Stella McCartney locations across the world and ensure IFRS 16 compliance, has been vital to the management of the brand” said Sandra Federighi-Oni, Chief Financial Officer, Stella McCartney.
“Board’s expertise in automating and analysing key financial reporting to obtain new insights, by simulating what-if scenarios adds a new dimension to our strategic financial planning,” said Federighi-Oni. “We can plan for future progress and model multiple scenarios to inform our decision-making, with a fully holistic view of our latest financial data and metrics and ensure all accounting calculations generated are IFRS 16 compliant.In today’s fast-paced, data rich and evolving business environment, modelling for effective financial scenario planning, whilst ensuring the latest compliance is critical to compete,” said Gavin Fallon, Managing Director for UK, Nordics & South Africa at Board International. “Board transforms financial decision-making, saving time through the automation of repetitive activities, creating full visibility of vital data, to enable the big decisions global luxury brands like Stella McCartney make daily to thrive in today’s economy” continued Fallon.
Financial closing, financial consolidation, and other accounting activities require high levels of manual, repetitive work and the collation of data from a multitude of spreadsheets and data sources. These activities must also meet strict requirements in terms of compliance to corporate internal control systems.
IFRS 16 specifies how an IFRS reporter must recognise, measure, present and disclose leases. Introduced in January 2019, this new standard will affect most companies reporting under IFRS and will have a major impact on the financial statements of lessees of property and high-value equipment. Under IFRS 16, if a company has control over, or right to use, an asset they are renting, it is classified as a lease for accounting purposes and, under the new rules, must be recognised on the company’s balance sheet.
About Stella McCartney
Stella McCartney is a luxury lifestyle brand that was launched under the designer’s name in 2001. Stella’s approach to design emphasizes sharp tailoring, natural confidence with a naturally sexy attitude. The brand is committed to ethical values, and believes the company is responsible for the resources it uses and the impact it has on the environment. It is therefore constantly exploring innovative ways to become more sustainable, from designing to store practices and product manufacturing. As a lifelong vegetarian, Stella McCartney does not use any leather or fur. The brand now offers women and menswear ready-to-wear, as well as handbags, shoes and a kid’s line. It has also developed collections under licensing agreement for eyewear, lingerie, swimwear, fragrances and a long-term partnership with adidas. The collections are currently available in more than 100 countries at wholesale, and through 53 freestanding stores including London, New York, Los Angeles, Paris, Milan, Tokyo, Hong Kong, Shanghai and Beijing. For additional information, please visit: www.stellamccartney.com
Board is the #1 decision-making platform. Founded in 1994, Board International 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
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