Calfus successfully delivered the Oracle Lease Accounting module implementation, providing a streamlined, accurate, and fully IFRS 16–compliant leasing solution. Their careful approach to data conversion ensured a smooth and precise migration of leases from Fixed Assets into the new module. A special thank-you to the Project Team for their dedication, insight, and collaborative spirit. Completing this project on time and within planned resources is a direct reflection of their commitment.
Vicky Chan
Sr Manager Financial Systems, Interfor Corp
At-A-Glance
- Global Reach: US & Canada
- Industry: Lumber Industry
- Solution Area: Lease Accounting
- Company Size: ~$3 Billion CAD.
Abstract
Interfor is one of the world’s largest forest products companies with operations across North America and customers around the globe. Interfor manages a complex portfolio of over 300+ finance leases across vehicles, equipment, and property. Calfus partnered with Interfor to implement Lease accounting module in Oracle Fusion financial cloud.
Objectives
Achieve operational and reporting efficiencies through standardized workflow, automated calculations and integrated journal entries. Design and deliver scalable future proof solution which is scalable to new plants, business units, or geographies as the company grows. Ensure regulatory compliance, establish a centralized lease management framework by automating IFRS 16 lease accounting, delivering audit-ready standardized reporting, consolidating all lease data into a single source of truth
Calfus Approach & Solution
- Design and deliver key capabilities:
- Flexible lease processing, including adjustments after payments have been processed
- Full lease version control, giving visibility into total lease payments from inception
- Approval workflows for additions, amendments, and terminations
- Automated short term lease obligation entries, eliminating the need for monthly manual entries
- Automated accounting via Sub Ledger Accounting functionality
- Multiple conversion cycles to achieve an accurate migration of all open leases from Fixed Asset module to Oracle Lease accounting module.
- Key users were engaged early to review, test, and adapt to the lease accounting module through guided training sessions.
Outcomes
- Streamlining end-to-end lease processes enabling standardized processes and improved operational efficiency
- Compliance with IFRS 16 reporting , providing real time audit trails and consolidated lease data across the organization.
- Reduced manual effort and reconciliations activities
- Seamless transition from Oracle Fixed Asset module to Lease Accounting module ensuring data integrity and minimal business disruption
