In an increasingly digital world, there are still companies that believe that storing contracts on different platforms and on their own machines gives the best control. This is a claim we want to disprove in this article by showing some of the benefits you get from digitizing contract management. Why digitize contract management? Have you … Read more
What is the Transparency Act? The Transparency Act is a Norwegian law that entered into force on 1 July 2022. The law obliges medium-sized and larger businesses to map the risk of human rights violations throughout their supply chain. The law also requires the businesses to report on the findings and to rectify any damage. … Read more
This article was published in Finansavisen 1. November 2022. New system for the Transparency Act Briefly about the Norwegian Transparency Act The Transparency Act is a new law that entered into force on 1. July 2023. It obliges companies covered by the law to carry out due diligence assessments of their suppliers with regard to … Read more
What are the total costs and liabilities of your contracts? Contracts are often managed using many different spreadsheets, in different departments, with no indication of where the latest version of the contract can be found. What are the total costs and obligations of the contracts? Contracts cost a lot of time and money to draw … Read more
As a new chief financial officer (CFO), you will most often not spend your time where it is most needed, according to a McKinsey survey of CFOs. Finance managers express that most of the first hundred days they spent on budgeting, management reporting and financial reporting. In contrast, they believe that the most crucial activities … Read more
Do you still use Microsoft Excel or similar spreadsheets to manage your leases in accordance with IFRS 16? Do you still use Microsoft Excel or similar spreadsheets to manage your leases in accordance with IFRS 16? IFRS 16 solution vs Excel With a specialized IFRS 16 solution such as ShareControl IFRS 16, you don’t just … Read more
Contract management is proving to be a very time-consuming element of the business, which facilitates the need for an efficient and automated contract management system. What is contract management? Contract administration or follow-up of contracts concluded with customers, suppliers, partners or employees. In contract management, the process of managing contract creation, execution and analysis to … Read more
IFRS 16, which entered into force from 1. januar 2019, introduced a comprehensive accounting standard for leases that replaced the previous standard IAS 17. One of the central aspects of IFRS 16 is the determination of the length of the lease period, which has significant implications for the companies’ accounting and financial reporting. IFRS 16 … Read more
IFRS 16 is a comprehensive accounting standard that requires a good overview and understanding of how lease contracts should be reflected in the accounts. Read some key questions and answers about IFRS 16 assessments and interpretation of lease agreements.
Accounting for leases in accordance with IFRS 16 can be a complex task for companies that handle many leases with constant changes. In this article, you can read more about how IFRS 16 differs from previous accounting standards and what challenges and changes it entails for businesses. Furthermore, we want to show how an IFRS … Read more
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