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Cognitive contract data extraction within the framework of IFRS 16 Leases

Cognitive contract data extraction

The KPMG Contract Abstraction Tool supports you with implementing the new accounting rules.

Cognitive contract data extraction within the framework of IFRS 16 Leases.

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 recognize the leases and associated contractual rights and obligations of the lessee. In cooperation with IBM, KPMG’s network of firms have developed a solution for cognitive contract data extraction based on IBM Watson: the KPMG Contract Abstraction Tool (PDF 161 KB). As an alternative to manual data entry, this process is largely automated by using cognitive technologies.

KPMG’s network of firms was named a leader in Data & Analytics by Gartner and Forrester in their respective ratings. The strategic alliance with IBM has been in place since 2015, giving KPMG and IBM a clear leadership role as first movers in the industry. Professionals from KPMG member firms and IBM work together on cutting-edge technology solutions to efficiently combine technology and industry expertise for clients.

Register now for a demo of the KPMG Contract Abstraction Tool. A KPMG specialist can demonstrate the tool in a Skype session.

KPMG Contract Abstraction Tool: Request a demo

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