Level
Reporting only during deployment of Consolidated Financial Reports is the most common option selected by companies. Only summary transactions are created, frequently in spreadsheets. For companies just starting with IFRS, this is an easy method with which to begin. Companies with less complex requirements may continue with this level of reporting during their two-year transition period.
Because most companies considering IFRS will eventually switch from GAAP to IFRS, the initial concern is the difference between the two methods which must be reported for two years. While the Consolidated Financial Report Level is in use, the company may be deploying a more permanent solution capable of continuing to report by IFRS.
Available Methods
Most accounting products today allow for the preparation of consolidated financial statements. Using a merging technique within the financial statement report writer, one common method of preparing both GAAP and IFRS statements is to first execute your primary type of reporting in one database. Then in a second database with an identical chart of accounts, enter your adjustments to translate the financial reports to the other standard. This level of reporting may also be enabled by use of external worksheets.
Want to see our ComputerationDynamics post on how-to ? In our next ERP Software blog we’ll examine the IFRS Accounting: General Ledger Level.
©2011, Computeration®, Inc.
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By Gloria Braunschweig, The IFRS Implementation Expert for Dynamics GP, with Computeration, a Pacific Northwest Microsoft Dynamics GP Partner.
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.
