Australia New Zealand Banking Group (ANZ) needed to comply with IFRS-16, a set of guidelines that dictate how companies document leased assets and liabilities. With SpearMC’s help, ANZ not only achieved compliance, but also implemented a new PeopleSoft Lease Administration system that eased the lease management process while providing more visibility into key data needed for decision-making.
THE CHALLENGE
ANZ needed help complying with IFRS-16, including moving their lease data to a central repository. While making these changes, they also wanted to address several other issues with data integrity and lease management in multiple countries with different currencies.
PROPOSED SOLUTION
After cataloging all leases within the ANZ network, SpearMC would configure PeopleSoft Lease Administration to align with ANZ’s needs, and prepare the system to accommodate leases in all countries and currencies required. SpearMC would collaborate with ANZ to roll out the new system in phases, transitioning the largest countries first and smaller countries over time.
SERVICES PROVIDED
- Expert advisory services to fully deploy PeopleSoft Lease Administration
- Phased roll-out to maximize impact while minimizing risk
- Implementation of time-saving features and business intelligence capabilities
The Results
ANZ deployed the solution in their largest markets and was fully compliant with IFRS-16 by the end of 2019. In addition to helping ANZ achieve compliance, this new system provided several features that speed up lease management and helped employees make more informed decisions. These decisions included: multi-currency compliance and reporting, multi-country and local accounting variations, integrations with AP/AM, custom reporting and query functionality.
