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Mowi gets compliant with inlumi's IFRS 16 starter kit in HFM

Mowi gets compliant with inlumi's IFRS 16 starter kit in HFM

August 13th, 2019

Recently at the UKOUG Applications Unlimited event, we presented a success story on the inlumi starter kit for IFRS 16 together with our customer Mowi.

In January 2019, IFRS 16, the new regulation on lease accounting, officially came into effect. This presents a major data collection challenge for large organisations. inlumi’s IFRS 16 solution in HFM enables customers to use their existing Oracle HFM product without any additional license fee to be compliant for the new lease accounting regulations. This solution ensures a structured way of gathering data, and standard aggregations and eliminations.

Mowi ASA is the world's leading seafood company and the world's largest producer of Atlantic salmon. In 2018, the company had a turnover of EUR 3.8 billion and was represented in 25 countries.

On inlumi’s IFRS 16 starter kit for HFM, Mowi said: “With the solution from inlumi we are now compliant with the IFRS 16 regulations and requirements. We have a secure and reliable solution that allows us to gather all lease contracts from all our international subsidiaries. The solution is also fully integrated with our Oracle HFM application for statutory reporting.”

Learn more about how inlumi can help you meet the requirements of IFRS 16 here.