Automating IFRS 16 Compliance with AI
We’re over 2 years into IFRS 16 adoption and many organizations are still feeling the effects of the transition. The new standard caught many accounting teams unprepared as the assumption was to continue relating to leases as they had done under IAS 17, with minor adjustments. Yet, IFRS 16 requires organizations to re-examine the way they manage and account for their leases, specifically ensuring compliance across the board, identifying embedded leases, and lease modifications.
With so much more resources required to ensure compliance with IFRS 16, how can already-stretched teams ensure a clean audit? The secret lies in automation, which allows accounting teams to ensure compliance while minimizing errors and avoiding manual, time-consuming, and resource-draining work.
In this session, you will learn about:
- Using AI to automate challenging compliance exercises
- Upgrading accounting workflows to keep up with the rapid pace of business evolution
- Leveraging technology to automate asset modification detection for portfolios of 10, 100, or 1000+ leases
- Predictions and discussions about the future of accounting software