Leases in accordance with IFRS
Solution for contract data evaluation
In cooperation with IBM, KPMG has developed a solution based on IBM Watson Explorer for automated contract data extraction. The learning system evaluates the existing leasing contracts for certain characteristics and provides the results for further processing steps. This procedure saves a lot of time and the Watson technology used works very reliably. Only the quality assurance of the extracted data is still carried out manually at the end.
Reason for the collaboration: The new international accounting standard FRS 16 means fundamental changes for lessees worldwide when preparing their balance sheets. For this purpose, all existing leasing contracts in the companies must be collected, analyzed and evaluated with regard to the new accounting rules. This is tedious work, which in most cases means a considerable manual effort for the companies concerned and their auditors.
IFRS 16 therefore leads to an extension of the balance sheet and also has an impact on various key financial figures. Therefore, all contracts without exception must be carefully reviewed and analyzed and evaluated for certain, precisely defined attributes and key figures such as terms, extension options or discount rates. According to the developers, this is an ideal scenario for the use of Watson Explorer. The software uses classic content mining approaches that combine statistical search functions with semantic analysis methods. Different data sources and types are integrated and analyzed by Watson Explorer. The software is also able to identify trends, patterns, anomalies and relationships between the data. sw
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