Definition and implementation of IFRS 16 end-to-end process and solution
Posti has 380 years of history in Finland. As a leading postal and logistics service company in the country, it has leased a huge fleet of production vehicles, forklifts and giant logistic centers for its business. The new IFRS 16 standard has a remarkable impact to Posti Group's financial figures, as thousands of lease contracts will be booked to the balance sheet. The IFRS 16 standard sounds easier than it is. It does not only affect the company’s financial processes but also its sourcing strategy and related processes.
Midagon has helped Posti Group to define streamlined IFRS 16 end-to-end processes starting from sourcing and ending to financial reporting and forecasting. Reconciliation process of all leases was particularly challenging. Midagon also led the new SAP Lease Administration by Nakisa (SLAN) solution implementation, workforce planning and deployment.
