IFRS Accounting – How Do You Add a Parallel Set of Accounts with Segment Differentiation?

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As an alternative, you may choose to simply rely on an additional segment within the chart of accounts in Microsoft Dynamics® GP. This provides an even simpler method of presenting GAAP, IFRS (International Financial Reporting Standards), and the transactions which translate the financial reports from one standard to the other. 

This may result in a doubling of the size of the chart, but, more likely, only an increase in those specific accounts subject to the different standards.
Parallel Set of Accounts

Next blog we’ll answer the question, “IFRS in Dynamics GP - How do You Add a Dimension to Your Existing Chart of Accounts?"

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By Gloria Braunschweig, The IFRS Implementation Expert for Dynamics GP, with Computeration, a Pacific Northwest Microsoft Dynamics GP Partner.

Computeration specializes in ways to enhance your company’s solutions with Microsoft Dynamics GP in Idaho, Oregon, and Southwest Washington, with clients around the world, Computeration makes your implementation successful by offering experienced project management, data integration, training, and consulting services.

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