Automation of Accounting under IFRS
Methodological support of IFRS-based accounting automation projects:
- identifying tasks for automation;
- selecting the optimal accounting software product taking into account the Client’s characteristics;
- selecting a method of accounting under IFRS (full/partial automation, parallel automation, etc.);
- writing requirements specification;
- developing a project design;
- assigning tasks to the programmers;
- results testing;
- documenting the product;
- writing user manuals;
- testing the developed product;
- training final users;
- consulting support at the stage of operation.
Implementation of subsystem of accounting under IFRS allows:
- maintaining financial reporting and preparing both individual and consolidated financial statements in accordance with IFRS;
- transferring accounting records (entries) from the subsystem of national accounting according to the rules which can be easily adjusted by the user;
- maintaining parallel accounting both under national and international standards in those sections where national standards and IFRS requirements differ significantly (e.g., accounting for fixed assets, intangible assets);
- posting own unified documents (e.g., accrual of expenses, reserve accounting, accounting for the impairment of assets, etc.), as well as making adjusting entries manually.
Benefits of automation of accounting under IFRS:
- Improvement of the closing processes and preparation of financial statements under IFRS;
- Improvement of accounting quality:
- less errors;
- proper presentation and disclosure of information.
- Automatic control over process of information gathering and preparation of financial statements;
- Reduction of timing budget, human and financial resources by automation and transformation of reporting under National Accounting Standards, consolidation of reporting under IFRS.