IFRS 16 compliance is a complex and resource-intensive task for finance departments, with challenges arising both from the complexity of the standard and from the practical problems of implementation. IFRS 16 requires detailed handling of leases, accurate calculations and extensive financial reporting. Automating IFRS 16 processes gives organisations better financial control and insight. Automating IFRS … Read more
The discount rate reflects the time value of money – the principle that money today is worth more than the same amount in the future, because of factors such as inflation, risk and alternative investment opportunities. IFRS 16 can be a demanding process for companies with many leases. When you set the discount rate under … Read more
Contract management is an essential part of any business that operates with contracts. Effective contract management can help improve compliance, reduce risk and maximize the value of your contracts. In this article, we’ll dive deeper into what contract management entails, explore the benefits, address the challenges, and look at how contract management technology can improve … Read more
In an increasingly dynamic and competitive business environment, effective contract management is critical to business success and sustainability. Contracts form the backbone of business relationships, regulating rights and obligations, and ensuring compliance with legal and regulatory requirements. In 2024, the importance of contract management will continue to increase, driven by several key factors. Organizations can … Read more
The benefits of IFRS 16 goes beyond transparency and compliance. In this article, we will expand on the advantages that IFRS 16 software support can provide for organizations that have already implemented IFRS 16 and organizations that consider transitioning to IFRS standards in their financial reporting. Centralizing lease management under IFRS 16 brings a structured … Read more
What is a finance lease? A finance lease is a lease under which the lessee in practice obtains the economic benefits and risks of owning an asset, without owning it legally. The lessee obtains the right to use the asset over a major part of its economic life in exchange for periodic lease payments. At … Read more
Did you know that on average 9.2% of annual income is lost due to mismanagement in contracts? Good control and management is therefore essential to ensure efficient and secure contract management. Reports from the Journal of Contract Management also show that 71% of businesses do not find every ninth contract as a result of poor … Read more
In a world driven by technological innovation, companies face ever-increasing demands for efficiency, productivity and cost savings. One key to meeting these requirements lies in digital contract management. With the advancement of technology, the transition from traditional paper-based agreements to digital agreements has become a crucial strategy to improve workflow, reduce risk and increase competitiveness. … Read more
The Transparency Act entered into force on 1. July 2022. Is your business well-improved and do you have the processes in place? Pursuant to section 4 of the Act, businesses must “anchor responsibility in the company’s guidelines”. In this article you can read more about this topic. Anchor accountability in the board The Transparency Act … Read more
The Norwegian Transparency Act requires over 9,000 Norwegian companies to monitor human rights in their own operations and supply chain. Foreign businesses may also be covered. In this article you can read more about the requirements required under the Transparency Act for non-Norwegian companies. The Transparency Act for foreign businesses The Transparency Act is one … Read more
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