Use of RPA Technology to Compute IFRS 16-Leases Calculation

Robotic Process Automation (RPA) is an innovative technology that stands out in the current era of digital transformation. It has the potential to automate financial calculations and improve audit reliability for the accounting and financial industries. RPA ”Bots” are excellent at doing complex jobs quickly, especially when paired with AI and machine learning tools. The new lease accounting standard IFRS 16 has brought about significant changes, but many businesses struggle with implementation. This study contributes to academic knowledge by experimentally analyzing the effects of RPA on lease accounting under IFRS 16, providing concrete recommendations for using RPA in the banking industry. Innovative technology known as robotic process automation (RPA) has transformed the finance sector. RPA uses highly developed software robots to automate complicated and repetitive operations previously completed by humans. This technology has the ability to completely change how many industries perform business. Improved accuracy, dependability, and significant cost reductions are all provided by RPA. It can change how firms run; it does more than just automated operations. This section will examine the fundamental elements, benefits, and several financial applications of RPA. It will also discuss its impact on the sector and its significance in leasing calculations, a crucial financial process.