IFRS 16: The Road to Compliance

Jm Kumar

Senior Consultant, Finance and Reporting practice, Banking, Financial Services, and Insurance, TCS

Ketkee Pandit

Solutions Specialist, CTO Incubation Group, Research and Innovation, TCS

Devang Patel

Solutions Head, CTO Incubation Group, Research and Innovation, TCS

Cognitive lease data extraction solution – an imperative for 1FRS 16 compliance

The IFRS 16 - Leases standard will take effect on January 1, 2019. The new standard requires lessees to recognize a majority of the leases on their balance sheets. In addition, IFRS 16 requires a broader range of data elements compared to the earlier standard. Enterprises including financial institutions, which typically enter into a large number of agreements to lease a variety of assets, will therefore need to modify their accounting processes and ensure quick and accurate extraction of lease data elements.

To achieve IFRS 16 compliance, banks will need to enhance data extraction processes. The way forward lies in adopting a solution built using cognitive technologies such as natural language processing (NLP), optical character recognition (OCR), and machine learning (ML) to automate the capture and extraction of lease data. However, before embarking on an implementation, banks must

Assess their ability to collate the necessary data
Identify new systems and processes that may be needed for data extraction
Identify the technology stack most compatible with the existing IT landscape

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

IFRS 16: The Road to Compliance

Cognitive lease data extraction solution – an imperative for 1FRS 16 compliance

Transformation starts here

Find out more

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support

Cognitive lease data extraction solution – an imperative for 1FRS 16 compliance

Related reading

Transformation starts here

Find out more

Accessibility Adjustments