Document abstraction is the process of identifying and extracting key data points and relevant information from source documents like contracts, agreements and a variety of other records. This involves reading, understanding and analyzing the data or source documents by specialized staff with legal expertise. Such an abstract can provide clarity and overview on the most important facts and details at a glance, without having to go through the whole paperwork page-by-page.
Such abstraction work was previously done manually with pen and paper, however, modern times and business needs pushed for the development of specialized abstraction software ranging from more “simple” document management systems to savvy OCR and AI-assisted software solutions.
Compliance with the new IFRS & FASB regulations requires companies to upgrade their lease accounting standards by reporting on particular transactions, events and lease contract data, including assets that were previously off the balance sheet.
Recensius can help you solve complex document data extraction projects and portfolio analysis by providing a skilled multilingual team of lawyers, legal advisors and paralegals, experienced in abstracting insurance and service agreements, lease contracts, ISDA Master Agreements, litigation records and many more.