Klaipėdos nafta
One of the largest companies of energy resources logistics in the Baltics
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KN (JSC Klaipėdos nafta) is one of the largest companies of energy resources logistics in the Baltic States, specialising in oil and gas industry.
JSC Klaipėdos nafta is engaged in two types of activities (oil terminals and LNG terminals) and four separate business fields: loading of oil products (in Klaipėda oil terminal), long-term storage of oil products (in Subačius oil terminal), LNG terminal management and development LNG-related activities.
The challenges:
- The need to ensure compliance with IFRS 16 standards;
- Leased property accounting was becoming too complex;
- Complicated lease agreement management.
The solution:
Alna IFRS 16 [Powered by SOFT4] is a Microsoft Dynamics NAV solution for companies that lease assets or services and prepare financial statements in accordance with the International Financial Reporting Standards (IFRS).
The outcome:
- The financial statements are prepared in accordance with IFRS 16;
- All rental and lease processes are managed in a single system;
- It became easier to analyze rent and lease commitments including upcoming payments and total outstanding payments;
- Less manual labor.
Feedback
Alna IFRS 16 has helped us to ensure a smooth transition to IFRS 16 accounting standard and save time. All of the processes related to rent and lease accounting are now performed in a unified system, and the required financial statements are always at hand.
Rasa Tamaliūnaitė
Head of Accounting at Klaipėdos nafta
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