Deloitte Tohmatsu to offer services for Japan lease accounting
The services, centred at the Deloitte Tohmatsu Corporate as a Service Operate Center MAEBASHI, will combine accounting expertise with practical application and operational support to ensure compliance with the new regulations.
The forthcoming Japanese lease accounting standards align with International Financial Reporting Standards, requiring lessee operating leases—previously often expensed—to be recognised as assets in most cases.
This shift necessitates significant changes for companies, including managing lease contracts, collecting contract data, addressing accounting challenges, and updating business processes and internal controls, the company said.
Firms will also need to review IT systems, assess impacts on business plans and budgets, adjust key performance indicators, and secure adequate human resources.
To address these requirements, Deloitte Tohmatsu's service leverages AI-OCR technology to convert lease contracts into text data.
Generative AI then extracts critical details, such as lease fees and contract periods, that impact accounting treatment.
The extracted data is automatically linked to a lease calculation application, which computes right-of-use assets and lease liabilities and generates journal entries for accounting purposes.
The company stated that this approach reduces the workload associated with manually processing large volumes of contracts, entering data into lease systems, and calculating accounting figures.
The Deloitte Tohmatsu Corporate as a Service Operate Center MAEBASHI serves as a hub for addressing corporate department challenges. It draws on the group's expertise in accounting, risk management, and digital tools, as well as the experience of certified public accountants, tax accountants, and operational managers from shared service departments.
The centre aims to provide integrated support for resolving issues, stabilising corporate functions, and transforming operations for Japanese companies nationwide.
"Deloitte Tohmatsu to offer services for Japan lease accounting" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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