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How Norsk Gjenvinning handles almost 400 IFRS leasing contracts

Regine Vik Norsk Gjenvinning
“With almost 400 leasing contracts we need a tool we can trust. The risk of error is much lower when you can trust a dedicated IFRS 16 software, like the one House of Control offers”

Regine Vik

Assistant Head of Group Accounting at NG Group AS

Find out how Norsk Gjenvinning succeeded with our solutions

Explore this customer cases to see how our client have achieved remarkable success with our solutions. The case highlights their journey, the challenges they faced, and how our tailored approaches helped them overcome obstacles and reach their goals.

Background

Norsk Gjenvinning is a complex business with a high number of leases. Their 1,800 employees at more than 60 entities in seven different business segments have entered into almost 400 leasing contracts (at the end of 2022) in five countries of operation. These leasing contracts have a combined lease liability of almost NOK 2 billion.

Challenges

“It goes without saying that completeness is itself an independent challenge. It is quite a task to make sure all contracts are registered, and we need to engage a lot of people in our organization to get the full picture. Several times a year we review the completeness, comparing budget reports from the lease accounting software to actual expenses.”

Process

“I think it is important to have a plan and exercise clear deadlines for all people involved in the process. Prepare as much as possible in advance. Talk to your auditors about how they can access your lease accounting solution for reviewing your contracts and reporting.”

 

“Since we have so many leases we are pretty much dependent on using software for IFRS 16 reporting. House of Control’s solution is easy to use, with a lot of helpful user guides available in the solution. And whenever we need more help, it is only a phone call away.”

Improvements

“Renewals, expired contracts, options – those are keywords for what we do. To ensure sound contract management we are very much helped by the software that sends us useful notifications.”

How to handle almost 400 IFRS leasing contracts in a circular economy company

It takes an ambitious business model and a dedicated team to help the world transform to a green and circular economy. It also takes quite a few leasing contracts. Handling them can easily make the finance team feel they are not themselves a renewable resource. Read the whole story about how Norsk Gjenvinning handles about 400 IFRS leasing contracts.

 

Read the full story
Regine Vik Norsk Gjenvinning

Regine Vik

Regine Vik is the Chief Group Controller at Norsk Gjenvinning. With six years of experience in auditing at Big Four network firm KPMG, Regine is perfectly positioned to lead the team and solve the IFRS compliance challenges for 60+ business units in Norsk Gjenvinning.

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About Norsk Gjenvinning

Norsk Gjenvinning (NG) is a critical part of the Nordic infrastructure and an enabler for the Nordic circular economy. Through its activities, NG ensures recycling of materials and recovery of energy in waste, which conserves resources and reduces greenhouse gas emissions, in addition to reduction of waste through reuse and waste prevention.

NG manages between 2 and 3 million tons of waste per year, at a recycling and recovery rate of 98%, of which 60% is recovered as new raw materials. Through material and energy recovery, NG contributes to CO2-equivalent savings of more than half a million tons annually.