Legal and real estate AI company Leverton has formed an alliance with UK-based accountants Theta Financial Reporting to help clients prepare for new IFRS 16 and US GAAP’s ASC 842 rules that will change lease reporting standards.
The deal with Theta will bring the accountancy firm’s expertise in advising on international accounting standards and combine it with Germany-based Leverton’s natural language processing and machine learning capabilities in the real estate field.
Richard Belgrave, UK Managing Director at Leverton, said: ‘This partnership will enable us to even further support our clients in their transition to the new accounting standards.’
IFRS 16, for example, will mean that leases, from property to other major items, that were once kept off balance sheet, will now have to be on balance sheet. Leverton’s AI will help with analysing lease documents and helping companies to comply with the new standards.
In effect, the new service will form a liability and compliance tool, powered by Leverton’s AI technology.
Although not a legal sector move, the latest alliance of Leverton shows a trend among several legal AI companies to strengthen their market position through JVs and partnership deals with sector experts.
Last year Leverton also formed an alliance with German data management giant, SAP, to develop their concept of the ‘data core’. Meanwhile, UK-based legal AI pioneer, RAVN has formed several partnerships with other businesses in the last two years, including most recently Adaptive Solutions, a systems integration company.