Client:
AmSty is a leading integrated producer of polystyrene and styrene monomer, offering solutions and services to customers in a variety of global markets. The company is taking a leadership role on long-term sustainability and development of the circular economy for plastics. This company is a combination of the second largest polystyrene producer in the America and the third largest styrene producer in the America.
Challenges:
Objective:
AmSty had an existing lease application that was not capable of meeting FASB new standard ASC 842, IFRS 16 guidelines and required Disclosure Reporting.
Solution:
Along with adding Bramasol’s inbuilt Disclosure Reporting Package reducing resource time to produce required reports, Bramasol submitted a plan that included two breaks in the overall project plan.
Break (1) allowed AmSty to upgrade their system and conduct a thorough analysis of their lease population
Break (2) provided AmSty to take advantage of Hypercare after the 1st quarter close utilizing CLM as they are not required to report until March 31st, 2020.
How Bramasol Assisted
Bramasol conducted a workshop of FASB 842C and IRFS 16 requirements which included a detailed session of the CLM data upload template. This allowed the client to identify and abstract all required data from their lease contracts during Break (1)
Key Highlights:
AmSty now has an SAP integrated lease application with Disclosure Reporting in FASB format that allows monitoring and control of the lease population more effectively.
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
