Works Applications Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; CEO: Osamu Hata; hereinafter referred to as WAP) is pleased to announce that Sumitomo Electric Industries, Ltd. (Headquarters: Osaka City, Osaka Prefecture; President: Osamu Inoue; hereinafter referred to as Sumitomo Electric) has adopted WAP's new lease accounting standards solution, "HUE Lease Accounting." This adoption will enable Sumitomo Electric to steadily comply with the new lease accounting standards and establish a lease asset management system that can easily support future group-wide expansion. [Background of Adoption] System Review Considering Future Expansion Sumitomo Electric anticipates that the application of the new lease accounting standards will result in thousands of contracts subject to asset recognition (if expanded to the group). "HUE Lease Accounting" was adopted because of its ability to manage a large volume of contracts and support future group-wide expansion. In addition to its user-friendly screen layout and intuitive operability, its flexible pricing structure, not tied to the number of users, was also a deciding factor. [Expected Effects] Building a Foundation to Support Company-Wide Standard Compliance With the introduction of "HUE Lease Accounting," the company will steadily advance its compliance with the new lease accounting standards at Sumitomo Electric. Furthermore, by leveraging the flexible pricing structure to create an environment that easily accommodates future group-wide expansion, they aim for smooth standard compliance across the entire group. Our company aims to achieve both smooth compliance with the new lease accounting standards and improved operational efficiency across the entire group. In our selection process, we evaluated the system's excellent UI and its support for tax processing, which led to our decision to adopt it. Additionally, the flexible pricing structure, not limited by the number of companies, was a significant attraction, considering it