NEWS
IFS and PwC UK partner to develop IFS cloud based sustainability solution
IFS , the technology innovator in cloud and Industrial AI software , and professional services firm PwC , a recognised global provider in ESG and sustainability , have announced a collaboration to bring to market a Sustainability Management Solution .
The initiative will see IFS develop a Sustainability Management module within IFS Cloud . PwC will contribute its expertise in Environmental , Social , and Governance , ESG criteria and the ever-evolving regulatory landscape to assist in the design and build .
Once completed , the solution will help IFS customers navigate the new requirements of the Corporate Sustainability Reporting Directive , CSRD and other emerging mainstream global regulatory standards that our customers are facing .
The first version of the Sustainability Management Module is set to launch in the IFS
Cloud 24R2 release at the end of November ; it is currently under development and will be a cornerstone of this partnership . Alongside the IFS Cloud Sustainability Management module , PwC UK will provide the required services for companies to be compliant for their first CSRD reporting cycle in 2025 .
To ensure a seamless journey from start to finish , customers using IFS Cloud
Mark Moffat
can enlist the services of PwC to guide on the wide range of issues facing our customers in relation to this critical aspect of governance , along with mandatory strategic ESG tasks like conducting a double materiality assessment and offering guidance for CSRD readiness .
The module will boast key features such as out-of-the-box CSRD metrics , select IFS Cloud data mapping , approval workflows , target setting , and insights . It will deliver a library of KPIs , including quantitative metrics with calculation logic , all supported by PwC ’ s ESG experts to ensure credibility .
Mark Moffat , IFS CEO commented : “ This strategic coalition between IFS and PwC is not just a technological advantage ; it is a commitment to shaping a sustainable and transparent ecosystem .”
KPMG Australia launches KymTax Gen AI tool to transform tax advice
KPMG Australia launched KymTax , a custom-built generative AI tool designed to put the breadth and depth of KPMG ’ s Tax proprietary knowledge at the fingertips of the firm ’ s tax specialists .
Believed to be one of the first Gen AI applications globally for tax services ,
Ben Travers
KymTax is a personal tax researcher , helping tax professionals comb through tax legislation , guidance and training materials and precedent documents . It will be used to craft high-quality first drafts of tax advice , based on facts presented by tax specialists , which can then be adjusted and adapted for client purposes .
Launching across the firm ’ s tax teams , KymTax is a bespoke enablement tool which is a combination of a research tool , knowledge management platform and content generator . It will also create taxrelated content to be shared in presentations and emails and provide answers to specific questions on recent tax issues .
The idea for KymTax was conceived during of an internal ChatGPT Illuminate challenge that aimed to uncover the most appropriate generative AI use cases within the firm . It was developed internally by
KPMG ’ s Connected Technology Group , who collaborated closely with the firm ’ s Tax and Legal and Enterprise divisions . During development , KymTax passed through a Trusted AI review as well as a governance approval process , which included review by an advisory board with an independent external board member .
KPMG Australia National Managing Partner for Tax and Legal , Ben Travers said : “ KymTax will enable us to work smarter , reducing time spent on manually researching and consolidating a range of data sources , freeing up our people ’ s time .”
John Munnelly , KPMG Australia Chief Digital Officer , said “ Built on a custom dataset comprising years of KPMG ’ s internal tax documentation , it will digest precedents , training materials and position papers , augmented with data from external sources .”
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