fbpx Skip to content

IFRS 16 standard compliance

Beautiful Young Woman With Clean Fresh Skin Touch Own Face . Facial Treatment . Cosmetology , Beauty And Spa

A pioneer in distributing consolidation and reporting solutions in the cloud since its creation in 2005, Viareport ensures the management of financial applications for over 800 corporations. Thanks to its diverse solutions combining cloud-based applications with an expertise in consulting services, Viareport has established itself as the reference financial consolidation and management reporting platform in France and overseas.

Clarins at a Glance

Clarins is a company that designs, manufactures and sells high-end beauty products. It is the leader in the European cosmetics market. This family-owned company was founded in 1954 by Jacques Courtin-Clarins. Clarins Group is especially present in perfumeries and department stores thanks to its distribution contracts.


With almost 1,000 lease contracts in France and overseas, Clarins must comply with IFRS 16 requirements and was obliged to do so when this standard came into effect on January 1st, 2019.

Once it had performed an initial listing of all of its lease contracts Clarins Group quickly realized that it was unable to manage and monitor all of them over time.

“We have over 900 lease contracts. We could have chosen to centralize all of these lease contracts in Excel at a certain point in time, but our teams warned us early of the limitations of this tool. Excel cannot be used to monitor these lease contracts throughout their lifetime, including contract terms, changes in amounts, extensions or renewals,” says Benoît Daget, Director of Consolidation.

Based on this observation, Clarins decided to approach different market players in order to find an appropriate solution to their problems.

“We reached the conclusion that we definitely needed an application dedicated to the management of our lease contracts,” says Daget.

The Choice of Tool

“We decided on Lease very quickly. I was already aware of Viareport’s reputation, and I knew that it was a well-established player in the market. I had also heard many good things about Lease which had already been in existence for several years, and which managed IAS 17 lease contracts when the initial version was released. It was very reassuring and encouraging for us to know that the solution had already proved its worth in the past, unlike other rival solutions. Moreover, the sales presentation, with its product demonstration and financial proposal, was very convincing,” says Daget.

The Project

Clarins Group wanted all of its lease contracts to be integrated in the tool by December 2018 so that their teams could be operationally ready for the application on January 1st, 2019. The project started in September 2018 and was punctuated by weekly project committee meetings between Clarins Group and Viareport consultants.

“The Lease implementation project started in a very busy period of time when all software publishers and integrators were much sought after to help businesses comply with IFRS 16. We were lucky to have a dedicated Viareport consultant who oversaw the entire project. This ensured that we had access to a single contact who was highly responsive and available. We never felt that we were left to fend for ourselves because we always had someone who could answer our questions,” says Daget.

All Clarins consolidation teams were trained to use the application. The first training sessions were classroom-based for the Paris teams. Later, there were three distance learning sessions for the subsidiaries in Asia, America and Europe.

“The sessions with the overseas subsidiaries were a success thanks to a highly effective distance learning tool and a competent trainer with a versatile skill set. We had to train several tens of users overseas and it was more financially viable for us to do so via video conferencing,” says Daget.

“We were very satisfied with the support provided by Viareport. In this type of project, there are two very important aspects. Firstly, the relationship with the sales consultant, and secondly, the competence of the consultant in charge of the project,” says Daget.

The Benefits

1. Management of changes in contracts and traceability of modifications

“The solution developed by Viareport enables us today to monitor changes in our contracts in real-time and to set up the required alerts.”

2. Multi-dimensional analyses of the impact of lease contracts

The solution developed by Viareport includes innovative analysis functionalities, namely Web Analyzer, a data retrieval tool.

This tool is used to create Web pivot tables by dragging and dropping analysis dimensions to the columns and rows you want. It also enables you to audit the amounts retrieved within each analysis simply by clicking the relevant amount.“The Web Analyzer functionality was a pleasant surprise. It’s a powerful tool that enables us to perform simulations on lease contracts over several years easily.”

3. Generation of restatement journal entries associated with IFRS 16

Lease generates restatement journal entries in compliance with accounting standards that are easy to interface with Group accounting or consolidation software.

“In the coming weeks, Lease will enable us to use cross-reference mapping tables to map our IFRS 16 restatement journal entries automatically with our accounting systems using the tool’s journal entry extraction module.”

4. Continuous version upgrades

Lease is enhanced with new functionalities every month. The development of this application is part of our continual improvement process in fulfilling the needs of users.

“Available as a cloud-based application, Lease is a versatile and flexible tool. This is one of the points that won us over in the past, and today, we are convinced of the effectiveness of this agile approach. We have seen positive developments to the solution over time.”

“I recommend Lease whole-heartedly as a tool for centralizing lease contracts in compliance with IFRS 16 requirements. I am totally satisfied with the performance of the application. If the size of your Group is similar to that of Clarins, then Lease is the solution adapted to your needs.”

Request a free demo.

"The solution developed by Viareport enables us today to monitor changes in our contracts in real-time and to set up the required alerts.”

Benoît Daget Director of Consolidation

Get a Demo & Pricing