A leading global advertising and public relations company faced significant challenges meeting the new IFRS 16 lease accounting standards. The path to compliance was difficult with a decentralized global user base and a complex systems environment. They sought our expertise to achieve compliance and implement best practices in configuring their CoStar Real Estate Manager system and managing day-to-day lease portfolio processes.

Veracity provided comprehensive support to guide the company through the transition to IFRS 16 compliance. Our key contributions included:

• Project Management Leadership: We led the project management efforts, ensuring a structured and efficient approach to the transition
• Best Practices Configuration: We offered best practices for configuring CoStar Real Estate Manager, tailored to the client’s unique environment
• System Configuration and Integration: We configured the system, designed necessary integrations, and conducted thorough user testing and training sessions to ensure smooth adoption
• Business Process Transformation: We supported the transformation of business processes to align with the new lease accounting standards, ensuring compliance and efficiency
• Go-Live and Post-Implementation Support: We provided hands-on support during the system’s go-live phase and continued assistance post-implementation to address any emerging issues
• Legacy System Transition: We facilitated the transition from the legacy system to CoStar, ensuring a smooth and seamless handover

Veracity’s involvement brought significant improvements and long-term benefits to the client’s lease accounting processes:

• Comprehensive Implementation Approach: We employed a thorough, customized lease accounting system implementation strategy, delivering a ‘white glove’ service to ensure best practices were applied
• Extended Post-Implementation  During our three-year retainer, we provided expertise, supported integration activities, trained staff, and ensured the company’s lease accounting and administration activities were effectively maintained over the long term