The introduction of the new financial reporting standard IFRS 16 requires significant process changes in order to be able to fully and sustainably implement its requirements. A major challenge with regard to implementing IFRS 16 is to compile all lease agreements electronically in order to subsequently recognise the leases and associated contractual rights and obligations of the lessee. In cooperation with IBM, KPMG has developed a solution for cognitive contract data extraction based on IBM Watson: the KPMG Contract Abstraction Tool. As an alternative to manual data entry, this process is largely automated by using cognitive technologies.

KPMG was named a Leader in Data & Analytics by Gartner and Forrester in their respective ratings. The strategic partnership with IBM has been in place since 2015, giving KPMG and IBM a clear leadership role as first movers in the industry. We work together on cutting-edge solutions to efficiently combine technology and expertise for our customers.

Register now for a demo of our KPMG Contract Abstraction Tool. One of our experts will demonstrate the tool in a Skype session.