The IFRS SYSTEM ensures a straightforward, efficient and effective approach to the preparation of IFRS compliant statutory financial reports.
Today, the majority of statutory financial reports are prepared by cutting, pasting and manipulating data from financial systems into spreadsheets and word processors as shown below.
This approach can lead to errors, omissions, unnecessary re-work and audit trails being lost or difficult to follow.
- Enter the name of the reporting entity and any subsidiaries.
- Use drop down lists or data entry fields to choose or specify reporting options.
- Choose allocation method and import the trial balance(s).
- Enter non-trial balance data via IFRS SYSTEM template(s) or manual entry.
- Make adjustments or edit notes as required.
- Publish and review outputs.
- Repeat steps 5 and 6 (usually 4 drafts) until a ‘final’ report is ready for signing.