CohnReznick LLP, a top-ranked advisory, accounting and tax services firm, has engaged LEVERTON, the market-leading intelligent data extraction and document management platform, for its lease abstraction services. Together, LEVERTON and CohnReznick are helping their clients enter into compliance with changing lease accounting standards.
New lease accounting rules are effective for public companies on January 1, 2019 (January 1, 2020 for private companies) and require companies to account for all operating leases as assets and liabilities on their balance sheets. Between real estate, equipment, telecommunications and other operating leases, the number of leases required to be analyzed for the new accounting can reach the thousands for large companies. This results in the need to abstract key data elements from large populations of leases for the required accounting. CohnReznick’s Assurance and Advisory practices have been working with LEVERTON to speed up the process of data extraction for several of their key clients in the Americas. Specifically, LEVERTON’s AI-driven platform is helping CohnReznick facilitate the implementation of the new lease accounting standard for their clients.
With this solution, CohnReznick LLP is able to leverage the latest technology to help clients abstract key terms necessary to implement the new lease accounting rules, but also to uncover data hidden in leases across various regions more effectively and efficiently.
Beyond compliance, LEVERTON's platform creates structured data repositories that allow for enhanced data analysis and query ability. In the future, LEVERTON will also provide outlier detection and predictive analytics.
Marisa Garcia, Managing Director of Advisory Services, CohnReznick LLP said, “LEVERTON’s Optical Character Recognition (OCR) and AI software expedites the process of contract reading and abstraction in a forward-thinking yet systematic manner, while at the same time provides a better end product that allows our clients to harness the power of structured data.”
Abhinav Somani, CEO, LEVERTON commented, “CohnReznick is an important business partner/relationship for us in the US market. They are an innovative and customer-centric firm looking for advanced, yet proven solutions to handle challenges like changing regulations. We are delighted to be working with CohnReznick and we hope to see this relationship grow from strength to strength in the future.”
About CohnReznick LLP:
CohnReznick LLP is one of the top advisory, assurance and tax firms, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's dynamic business environment demands. Headquartered in New York, NY, and with offices nationwide and around the world, CohnReznick serves a large number of diverse industries and offers specialized services for middle market and Fortune 1000 companies, private equity and financial services firms, government contractors, government agencies, and not-for-profit organizations. The firm, with origins dating back to 1919, has more than 2,700 employees including nearly 300 partners and is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.