Your IFRS Conversion and Reporting Wizard for a Smooth Transition and On-going Regulatory Reporting...
IFRS Conversion and Reporting Tool
IFRS Transition and Reporting can be Daunting Tasks
First-Time Adoption of International Financial Reporting Standards (IFRS) is something all entities transiting from GAAP to IFRS must come to terms with because you cannot claim to have adopted IFRS until you have complied with this Standard. IFRS 1, as First-Time Adoption of International Financial Reporting Standards is codenamed, is the gateway to IFRS adoption and compliance. Those who have passed through it will tell you that this is a daunting task, and things could easily get messy. That is true.
Beyond First-Time Adoption and the reporting challenge during the transition period, there is also the issue of on-going reporting beyond the transition period. Do you want to tinker with your accounting system to make room for all the IFRS regulatory reports and disclosures? Remember, IFRS is a moving target. If you choose to modify your accounting system whenever there are updates to IFRSs, then you should be prepared for a little instability which could accompany incessant updates.
IFRS Conversion and Reporting Wizard
Now there is a tool to take care of all your IFRS conversion and compliance reporting headache: IFRS Transaction Broker. It is a proven IFRS conversion and reporting tool which featured prominently during Nigeria’s transition from GAAP to IFRS. If you have already transited to IFRS, IFRS Transaction Broker could be your automated IFRS reporting tool. It works like a wizard!
Noncurrent Assets Management Without Stress
Other than being IFRS conversion and reporting tool, the Professional Edition of the software implements Property, Plant and Equipment (IFRS 16) fully—and strictly in accordance with IFRS policies. It also implements IAS 40 (Investment Property). Even under GAAP, Fixed Assets management was one thing you could not easily get your accounting system to give you exactly what you wanted. Some financial institutions even had to set up Fixed Asset to amortize just in the same way they amortize loan. Now, under IFRS the goalposts have been shifted and made narrower. Just think about these, in addition to other things you already know:
- Uniform classification and consistent application of accounting policies
- Fair Value Restatements
- Change in Estimates
- Lots and lots of presentation and disclosures
Your hands could surely become full and messy, unless you have a way of automating these tasks. However, if you don’t, the Professional Edition of IFRS Transaction Broker is the right tool for you.
How IFRS Transaction Broker Works
- IFRS Transaction Broker will establish connection to your database using custom data connection, and map the relevant data fields onto IFRS Transaction Broker database for direct data upload. However, in the absence of direct connection, IFRS Transaction Broker can import relevant data from your Trial Balance or Transaction Journal (Daybook)
- After data upload, IFRS Transaction Broker will provide you with tools to recreate and reclassify your current chart of accounts and bring it into compliance with IFRS requirements, without changing your account coding convention
- You will be able to derecognize any account that does not meet IFRS recognition criteria. You will also be able to fill in any known data gap to enable proper classification or reclassification of accounts according to IFRS requirements.
- IFRS Transaction Broker will automatically generate reclassification adjustments and provide custom templates for measurement adjustments.
After all the First-Time Adoption adjustments and reporting, you can continue to use IFRS Transaction Broker as your primary IFRS reporting tool by uploading fresh data from your accounting system into IFRS Transaction Broker database. Within IFRS Transaction Broker, you can always play around with your data and re-import to overwrite, if anything goes wrong.
Noncurrent Assets Management
In the case of IAS 16 (Property, Plant and Equipment) implementation, IFRS Transaction Broker manages your Fixed Assets in accordance with IFRS policies, carries out all the computations and exports the results to your General Ledger, through direct connection or data export. IFRS Transaction Broker will also take care of all the IFRS presentation and disclosure requirements outside your primary accounting software.
IFRS Transaction Broker is not meant to replace your existing software it is designed to complement it. Do not mutilate or discard your stable accounting system just to comply with IFRS, let IFRS Transaction Broker do the job for you.
+234 809 812 9605
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This tool will help you transit from GAAP to IFRS seamlessly with ease.
And after the transition period, it will take care of your on-going regulatory reporting.
Beyond conversion and reporting, the Professional Edition of the software will automate and implement all IFRS accounting policies for Property, Plant and Equipment as well as Investment Property, in strict accordance with IFRS 16 and IAS 40. Just think of all the troubles involved in accounting for Noncurrent assets under IFRS and you will see why you need automation.
Remember, IFRS is a moving target. We do not want you to keep tinkering with your accounting system whenever there is an update on IFRS policies. Let IFRS Transaction Broker handle the task for you.
All the hours you spend preparing your financial statements, notes and other disclosures using spreadsheet are no longer necessary. IFRS Transaction Broker is designed to automate all that, and many more, for you. Your own task is just to click and move on...
+234 809 812 9605
for immediate attention