Posti – Finance IFRS 16 lease standard
Posti has 380 years old history in Finland. As a leading postal and logistics service company in the country, it has leased huge fleet of production vehicles, forklifts and giant logistic centers for its business. New IFRS 16 standard has remarkable impact to the Posti Group financial figures when thousands of lease contracts will be booked to the balance sheet. IFRS 16 standard sounds easier as it is. It does not only affect to the company’s financial processes but also to the sourcing strategy and processes.
Midagon has helped Posti Group to define streamlined IFRS 16 end-to-end processes starting from sourcing and ending to financial reporting and forecasting. Reconciliation process of all leases was particularly challenging. Midagon also led the new SAP Lease Administration by Nakisa (SLAN) solution implementation, workforce planning and deployment.