Artificial intelligence makes it possible for businesses of all sizes to automate processes and carryout tasks that had been previously been impossible to achieve. The result is that businesses are more efficient and stand out in their industry.

This is the particular case of one of our clients, a financial sector organization. This major institutional investor has benefitted from new strategic monitoring opportunities thanks to a natural language processing solution developed by our team specialized in artificial intelligence (AI) and advanced analytics.

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Achieving the impossible

Our client wanted to identify a significant number of details on all transactions in a particular sector. It therefore needed a tool to collect and structure information in order to enrich its knowledge for competitive monitoring purposes.

Developing such a tool represented a gargantuan task that was practically impossible with traditional methods because it requires processing thousands of articles published by a variety of sources with the purpose of extracting only relevant data.

The aim was to give the organization the means to achieve its ambitions by creating a solution perfectly adapted to its needs, in collaboration with its innovation team.

Our specialists developed a customized language understanding tool that allows our client to automate information collection and build a valuable database. Its employees can now quickly and easily search through this database according to various parameters.

In this type of assignment, it’s possible to add technological modules to meet clients’ other needs.

For example, we are developing a second tool for this organization that will gather factual data and comments related to its business partners in its various activity sectors, while filtering thousands of information sources.

Invaluable benefits

Thanks to our solution, our client will have a bank of knowledge at its disposal that will enable it to better identify business opportunities and risks and analyze trends of the industries and geographical markets in which it invests in great depth. In other words, our tool will allow the client to always be completely informed about what its competitors are doing and what is going on in the market.

In today’s highly competitive world, information is the key issue. Businesses that stand out are those that are able to efficiently gather and analyze all available information, be it about their market, trends, consumer expectations, technological innovations or other.

Whether it’s to take advantage of new opportunities, as our client has done, or to automate certain processes to improve productivity, AI tools have multiple applications.

In addition to strategic monitoring, natural language processing solutions can be used to collect and structure all legal information across a business’s documents and correspondence. They can extract, collect and structure information pertaining to the client experience or sales cycle to improve customer service or the sales process.

These solutions are also very useful when analyzing documentation during a due diligence process or to extract social media information.

Furthermore, in connection with AI projects, not only are we working with our clients to develop tailored solutions, but we’re also sharing our knowledge so that they can use these tools autonomously. Building on the solution implemented, clients regularly develop new applications to expand on the initially planned uses.

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The Grant Thornton International IFRS team has published the 2019 version of IFRS Example Consolidated Financial Statements 2019 (hereinafter the “Example consolidated financial statements”).

The Example consolidated financial statements have been updated to reflect changes in IFRS that are effective for the year ending December 31, 2019. These include the adoption of IFRS 16 Leases which becomes effective for accounting periods beginning on or after January 1, 2019. No account has been taken of any new developments published after April 30, 2019.

Download the document below.

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On May 17, 2019, the Finance Minister for Canada released draft legislation relating to the goods and services tax/harmonized sales tax (GST/HST) with respect to cryptocurrencies and other virtual payment instruments.

Digital currencies are based on a decentralized, peer-to-peer (P2P) network that is not supported by any government or central authority. Additionally, financial institutions generally do not manage or oversee digital currency.

For Canadian tax purposes, including the GST/HST, cryptocurrencies are intangible personal property that cannot be considered as money as they are not legal tender in Canada. In fact, only bank notes issued by the Bank of Canada under the Bank of Canada Act and coins issued under the Royal Canadian Mint Act are legal tender in Canada.

For more information, read our On-line Tax Strategies newsletter.

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The Grant Thornton International IFRS team has published Insights into IFRS 16 – Interim periods.

The bulletin Insights into IFRS 16 – Interim periods provides guidance on the recognition of variable lease payments in interim financial statements that are compliant with IAS 34, Interim Financial Reporting.

There appears to be a conflict between the guidance in IFRS 16 on the accounting for variable lease payments that are not based on an index or rate and the guidance in IAS 34 regarding variable lease payments based on sales.

The bulletin explains how to apply the guidance in IFRS 16 and IAS 34 on variable lease payments using examples.