financial accounts transition National GAAP to IAS/IFRS
Developed to assist and deliver the preparation of annual y/e financial accounts under IAS/IFRS accounts of any type of enterprise that uses accounting software based on National GAAP (NGAAP). The application runs in a multi file and multi spreadsheets excel environment, for detailed adjustments of various accounting subjects and similar y/e tasks, at the time of y/e annual accounts preparation; the module results in a full set of financial accounts under IAS/IFRS, in a dynamic and easily changeable environment. Below is a list of its main sub-modules:
- accounting with full and analytical ledger and data log for the transition from NGAAP to IAS/IFRS adjustment entries, trial balances at request, expenses allocation spreadsheets, full set of the IAS/IFRS financial accounts and the movements tables / lists of each and every account from NGAAP to IAS/IFRS
- tax such as corporation tax, tax adjustments, deferred taxation adjustments and reconciliation, analysis of tax base of each appropriate account
- fixed assets registrar in both NGAAP and IAS/IFRS detailed to single fixed asset and reconciled at various level of NGAAP accounts (2nd and 3rd level), multi column and multi row with full set of assumptions in distinct sections of the table such as permanent data, useful life and depreciation rates, residual values listed in a dynamic mode, moves/sales/disposals, depreciation calculation, difference in depreciation between NGAAP and IAS/IFRS, revaluation and revaluation reserves tables movements and deferred tax associated, tables of movements of fixed assets, all fully automated and inter linked with other spreadsheets and various files, fully reconciled
- detailed registrar of financial leasing detailed to single and each leased asset, documented by its lease number, reconciled by lease contract in case of multi assets contracts, detailed table of installments with initial interest rate run throughout the period of the contract and using the IAS 17 rules of discounted interest rate actually paid at each payment; summary table of all active leasing contracts and automated calculation of necessary fields and data for the disclosures and adjustment book entries
- detailed spreadsheets for long term debt and w.a.c.c. calculation detailed at level of single loan facility / agreement and detailed table of installments using the IAS 32-39 / IFRS 7 rules of discounted interest rate, differences in accounts balances and financial cost between NGAAP and IAS/IFRS and automated calculation of necessary data for the disclosures under the above IAS/IFRS
- detailed spreadsheets of aging of trade clients and sundry debtors and trade creditors and sundry creditors for calculating bad debts, financial cost and net discounted amount as per the IAS/IFRS 32-39 and 7 provisions for disclosures purposes and accounting entries
What is achieved using iKO-200:
- full and detailed documentation in connection with the y/e annual accounts documentation folder as per the generally accepted auditing standards
- dynamic environment of the model in such a way that the valid applicable tax law assumptions and options (i.e. range of depreciation rates, employees’ lay-off and exit leave compensations, non movable or out-of –market goods y/e valuation, etc) and accounting assumptions and options (i.e. estimates and their variations, amortization rates of intangible fixed assets, etc) alone or in combinations, can be easily shown and alter the y/e financial result, tax burden and financial ratios and benchmarks, always having balanced financial accounts and in full and detailed documentation of each account
- minimization of numerical errors or errors in accounting and tax assumptions
- quick transition time needed for y/e financial accounts preparation from NGAAP to IAS/IFRS for Groups of many subsidiaries consolidated with whichever method and fully and detailed documentation
