Client:

Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping, and proprietary plastics.

Objective:

The company quickly needed a functional lease accounting solution to comply with ASC 842 & IFRS 16 that was robust enough to create a baseline solution and help them simplify and optimize financial reporting process.

With limited time for compliance speed was crucial, but it still needed to be complete within the timeline.

Challenges:

With over 165 separate contracts and 7500 total Assets in SAP, this was a daunting task. They needed someone who not only understood the solution but brought expertise in Technical Accounting to the project. As a multinational company with an extensive global footprint, experience in international accounting was important.

Solution:

Bramasol brought deep expertise and a proven methodology, with tools and accelerators to the project. Extensive testing was conducted to ensure all possible scenarios were covered and finally, the master data was loaded into their SAP Lease Solution, delivering an on-time project.

How Bramasol Assisted

Bramasol stepped in to deliver.

Key Highlights:

Bramasol team worked hard to address numerous challenges, which impacted Company’s Balance sheet by $500 Million.

Feedback:

“It has been a remarkable eight-month system implementation project, requiring a multi-faceted team effort, Thanks to entire Team.”

Customer Stories

Watch how a sidecar SAP HANA database with a custom report solved the problem of High-Performance Machine Tools Manufacturing Leader.

Watch how Bramasol helped a leading chemical producer in America with ASC 842 Compliance & IRFS 16 guidelines with required disclosure reports

Watch how Bramasol helped Nvidia to be compliant with ASC 606 and restructure their sales model within SAP.

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