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Blog Jan 20, 2016

New IASB regulation: how technology can help you to comply

Last week, on January 13th, the International Accounting Standards Board (IASB) issued its new lease accounting standard IFRS 16 Leases. The new standard will impact all companies that file financial statements under IASB and have any kind of leases (i.e., for real estate). The biggest change is that leases will be brought onto companies’ balance sheets, thereby increasing the visibility of their assets and liabilities.

The process of bringing all leases on the balance sheet can be difficult and require a lot of effort.

Here are three ways how applying artificial intelligence can benefit that process and the company.

  1. Faster collection of all relevant data
    Deep Learning algorithms can semi-automatically extract information out of your documentation, i.e., lease.
  2. Complete and accurate data
    An intelligent platform guarantees that all data is complete and accurate.
  3. Efficient long-term data management
    Once balanced, leases are recognized as assets and liabilities. LEVERTON’s smart data platform enables a structured management of all relevant data which, in addition, can be reused and expanded in the future.

For further information how LEVERTON’s intelligent platform can benefit your company to comply with the new IASB standards please contact us at www.leverton.ai.

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