Accounting Automation According to IFRS
Accounting automation according to modern market demands
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Who needs accounting according to IFRS?
- Performing accounting according to IFRS is necessary, particularly, to international companies and also organizations, the head office of which is located abroad.
- Also, IFRS accounting should be implemented by enterprises, whose activities are connected to foreign banks or investors.
- The third reason to automate accounting according to IFRS may be a demand of a business owner, who is willing to get comprehensive information on the current situation in the company, that’s why applying IFRS will substantially help to achieve management aims.
Implementation of specialized software, that will allow the company to perform accounting according to IFRS, should be fulfilled with the help of a specialist.
We offer complex services in the sphere of accounting automation according to IFRS:
- transformation of accounting,
- transition to accounting according to IFRS,
- implementation of IFRS,
- preparation of IFRS accounting reports (including consolidated ones),
- user training on working with the software product,
- post-project maintenance and support of the implemented system.
The stages of IFRS implementation
Our company offers its clients both complex implementation of IFRS “from the scratch” and also the realization of separate stages in this process.
Generally, the whole circle of implementing IFRS includes the following stages:
- Analysis of the client’s tasks and needs, and the current processes of accounting and report formation in the company.
- Development and unification of accounting methodology according to IFRS and corporate standards.
- Providing help with choosing a software product, that will satisfy the company’s needs as fully as possible.
We offer our clients to switch to accounting according to international standards by implementing specialized solutions in this sphere:
- 1C:Manufacturing Enterprise Management,
- 1C:ERP Enterprise Management,
- 1C:Holding Management,
- BIT.IFRS case etc.
- Implementation of control system (data consistency, data protection, audit trail).
- Adaptation of methodology according to requirements, brought by the client’s IT-system.
Even if the company has already developed methodology or engaged a third-party consultant for these purposes, we can adapt it to the chosen IT-system and bring it to life as a fully functional business-process.
- Development of IT-architecture of accounting processes and report formation.
- Development of requirements to integration with other information systems.
- Additional requirements to functionality based on business-processes.
- Development of the system’s design and its testing.
- User training and test exploitation.
- Support of operational testing.
Three useful pieces of advice for those planning to implement accounting according to IFRS
You have to take into account the differences between RAS and IFRS, because IFRS standards are more flexible in the sphere of accounting policy and regulations. It may be, that when you receive accounting reports and perform reconcilement, you should think about bringing RAS accounting and IFRS accounting closer together.
Before adjusting the chosen IT-solution, develop the accounting methodology, on the basis of which there will be formed the respective business-processes, that in the future will affect the system’s functionality in whole.
Be ready to the increase in the amount of work and tasks real-time. It is related to the increase in the extent of control, as the company will have to perform two types of accounting now, to control them, reconcile them and refine all the processes.
An expert’s opinion:
“Implementing accounting according to IFRS, with no doubt, is a tendency, dictated by the modern market demands. First of all, among those who should think about IFRS accounting, there are foreign companies or organizations, whose activities one way or another are connected to foreign business. Today, the most relevant tasks in the sphere of IFRS are: adjusting invoice mapping, building business-processes of report formation, accounting of intergroup turnover and also consolidated reporting. The realization of these stages is what should be taken into account while implementing the respective IT-system.” — Tatiana Solovieva, Senior consultant, First BIT's International Department.
finance director, LLC "Orion International Euro"