Client:
Amgen A biotechnology innovator since 1980, reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
Objective:
A publicly traded company with locations all around the world, Amgen needed to be compliant with the new accounting regulations for ASC842 and IFRS 16 pertaining to its movable and non-movable leases by the deadline date of Jan 2019.
Challenges:
With hundreds of leases of different types for thousands of assets housed within excel and third party systems, the administration and accounting of these leases was a very time consuming and labor intensive operation.
A single solution was needed to onboard and administer the leases while ensuring accurate accounting per ASC842 and IFRS16 standards.
Solution:
The SAP leasing solution was designed to provide proactive lease administration including lease classification and accounting, as well as simplified lease modification was the solution.
It provided the templates needed to onboard the lease data and its integration with SAP Finance helped ensure that the accounting entries for operating leases would be reflected within the balance sheet
How Bramasol Assisted
As an early leader in Leasing, Bramasol was there with expert consulting and advise to help architect the solution and assist in getting all the lease data onboarded and accounting entries verified within SAP Finance
Key Highlights:
The solution was developed and delivered in a matter of few months and enabled Amgen to report its operating and finance leases on its balance sheet well in advance of the compliance deadline
Feedback:
We faced significant challenges, but together with Bramasol, we managed to overcome them. With Bramasol on the project, we had the right mix of expertise and skills. Also, the personal fit with our team was great.
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
