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International Accounting Standard 38 “Intangible Assets”
To be classified as intangible assets, according to International Accounting Standard (IAS) 38.8, which was published by the International Financial Reporting Standards Organization (IFRS), they must possess three critical characteristics: they must be indefinable, they must be under the control of the entity that owns the asset, and they must provide future economic benefits (such as revenue or reduced future costs). The requirement of U.S. GAAP is comparable to that of the International Financial Reporting Standards, wherein intangible assets are assets that have no physical existence (except financial assets).
Data is often saved on servers, USB drives, CDs, and other storage devices that can only be accessed by using physical equipment such as a computer. For this reason, data satisfy the criteria of intangibility because they do not have a physical substance of their own. Despite the fact that data cannot be isolated from their storage device, data can be counted as separable and identifiable due to the ease with which a storage device can be evaluated. As a result, data is both "intangible" and "identifiable," as the term implies.

International Accounting Standard 16 “Leases”

Collecting and utilizing data is the first—and, in many ways, most important—step in the lifespan of a lease, and it should not be overlooked. Everyone who has gone through the procedure knows how hard and time-consuming it can be, most likely from personal experience and knowledge. Asset identification, the right to a regulating mechanism, consumption alternatives, lease positions, payment methods, and residual values are all discussed. These are only a few of the numerous sections of information that are required in order to correctly plan and report on lease data.
A new chance meant for various firms is presented by the requirement for extended accounting, which allows them to integrate all of their data into a single, consolidated method. In addition to reducing the time of the lease compliance process, centralizing data in a lease accounting system ensures that data is correct and that it helps to get the lease accounting process off to a good start.