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IFRS 16, published by the International AccountingStandards Board (IABS), came into effect on January 1, 2019. Most organizations operating in Asia Pacific are aware of this new standard but may not be aware of a better way to make the transition.
Globalization CFOs have long needed to assure compliance with two different standards-setting bodies. The first is the Financial AccountingStandards Board (FASB) in the United States. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
The move to embrace automation, said Krumwiede, represents a “slow evolution,” with inefficiencies still extant as there must be communication between departments and data must be compiled and formatted in the practice of reconciliation. The optimization of the accounting process, he said, is difficult at times with limited staff.
AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. SEC filings, GAAP documentation, FASB accountingstandards, IFRSstandards, PCAOB, FINRA, etc.),
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AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. SEC filings, GAAP documentation, FASB accountingstandards, IFRSstandards, PCAOB, FINRA, etc.),
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