Terms of Service

Last updated: 31 December, 2024

1. Introduction

Welcome to IFRS AI Tools. These Terms of Service ("Terms") govern your access to and use of the IFRS AI Tools website and services (collectively, the "Services"). The Services are operated by 2 Minute Apps, a sole proprietorship registered in Jamshedpur, Jharkhand, India (Udyam Registration Number: UDYAM-JH-06-0033040), hereinafter referred to as "we," "our," or "us".

By using our Services, you enter into a binding contract with 2 Minute Apps. Please read these Terms carefully before using the Services.

2. Acceptance of Terms

By accessing or using our Services, you confirm that you accept these Terms and agree to comply with them. If you do not agree to these Terms, you must not use our Services. We recommend that you print a copy of these Terms for future reference.

3. Description of Services

IFRS AI Tools is a specialized service designed to automate IFRS 16 lease calculations through AI-powered PDF processing. Our service utilizes advanced artificial intelligence to extract key lease information from uploaded PDF documents and generates standardized Excel files for Right of Use (RoU) Asset and Lease Liability computations in compliance with IFRS 16 standards.

While our AI technology is designed to be accurate, you acknowledge that automated extraction may not be perfect, and you are responsible for reviewing and verifying all outputs generated by our Services. We do not guarantee that our Services will identify all relevant lease terms or that calculations will be error-free.

4. User Accounts and Security

4.1. To access our Services, you must create an account. When registering, you agree to provide accurate, current, and complete information about yourself and your organization.

4.2. You are responsible for safeguarding your account credentials and for all activities that occur under your account. You must immediately notify us of any unauthorized use of your account or any other breach of security.

4.3. We reserve the right to disable any user account at any time if, in our reasonable opinion, you have failed to comply with any of the provisions of these Terms.

5. Service Usage and Limitations

Our Services operate under specific technical and usage limitations designed to ensure optimal performance and fair usage:

5.1. File Limitations: PDF uploads are limited to 50MB per file. This limit is set to ensure efficient processing and optimal performance. Files exceeding this limit will be rejected.

5.2. Credit System: Our Services operate on a pay-as-you-go basis, with credits sold in packs of 10. Each credit allows for the processing of one lease agreement. New users receive 3 complimentary credits upon registration to evaluate our Services.

5.3. Document Requirements: The Services are specifically designed for processing lease agreements. You agree to upload only legitimate lease agreements intended for IFRS-16 computations. Uploading other types of documents may result in incorrect results and is not permitted.

6. Payment Terms and Refund Policy

6.1. Payment Methods: We accept various payment methods including Credit Card, Debit Card, Netbanking, and UPI to provide flexibility in purchasing credits.

6.2. Credit Purchases: All credit purchases are final and non-refundable. Credits do not expire and remain valid until used.

6.3. Pricing Changes: We reserve the right to modify our pricing structure with reasonable notice to users. Any changes will not affect previously purchased credits.

7. Data Privacy and Security

We take your data privacy and security seriously. Our data handling practices are designed to protect your information while providing efficient service:

7.1. Data Storage: All data processing and storage occurs on secure servers located in Mumbai, India. We implement industry-standard security measures to protect your data.

7.2. Document Retention: We maintain a minimal data retention policy. Uploaded PDF files are automatically deleted immediately after processing and Excel file generation. This approach ensures your sensitive documents are not stored longer than necessary.

7.3. AI Processing: We utilize OpenAI's services for lease information extraction. Your documents are processed securely, and we do not share your data with any other third parties.

7.4. Data Control: You maintain control over your account data and can request complete deletion of your account information by contacting hello@ifrsaitools.com.

8. Intellectual Property Rights

8.1. Our Rights: The Services, including all software, algorithms, design, text, graphics, and other content (excluding your uploaded documents) are owned by 2 Minute Apps and are protected by intellectual property laws.

8.2. Your Rights: You retain all rights to the documents you upload. By using our Services, you grant us a limited license to process your documents solely for the purpose of providing our Services.

8.3. Output Rights: While we generate the Excel outputs, you retain full rights to use these outputs for your business purposes.

9. Prohibited Uses

To maintain service quality and protect all users, you agree not to:

• Upload any documents other than legitimate lease agreements
• Attempt to reverse engineer or bypass any service limitations
• Use the Services for any unlawful purpose or in violation of any applicable regulations
• Share or transfer your account credentials to unauthorized users
• Attempt to access, tamper with, or use non-public areas of the Services
• Interfere with or disrupt the integrity or performance of the Services

10. Limitation of Liability

10.1. Service Warranty: The Services are provided "as is" and "as available" without any warranty of any kind, either express or implied. While we strive for accuracy, we do not guarantee that the Services will be error-free or uninterrupted.

10.2. Calculation Responsibility: While our Services assist in IFRS 16 calculations, you are responsible for verifying the accuracy of all outputs and ensuring compliance with applicable accounting standards. We shall not be liable for any decisions made based on the outputs generated by our Services.

10.3. Liability Limitations: To the fullest extent permitted by law, we shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, whether incurred directly or indirectly, or any loss of data, use, goodwill, or other intangible losses.

11. Changes to Terms

We may revise these Terms at any time by amending this page. Please check this page regularly to take notice of any changes, as they are binding on you. We will notify users of material changes via email or through the Services before they take effect.

12. Governing Law

These Terms are governed by and construed in accordance with the laws of India. Any disputes arising under or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts in Jamshedpur, Jharkhand, India.

13. Contact Information

For questions or concerns about these Terms, please contact us at:

2 Minute Apps
22 Bagmati Road
Northern Town, Jamshedpur - 831001
Email: hello@ifrsaitools.com
Support Hours: Monday-Friday, 9AM-6PM IST