International Financial Reporting Tool is a convenient tool for accurate financial reporting in full compliance with the requirements of International Financial Reporting Standards (IFRS).
Key software features:
Full compliance with IFRS
The financial statements generated by the software are 100% compliant with the requirements of international standards. This is guaranteed because all tables have been validated against the IFRS Taxonomy developed by the IFRS Foundation. The IFRT is currently one of the most comprehensive and accurate sets of reporting forms and information required to be disclosed under IFRS.
Suitable for any size of business
The software has been developed with strict adherence to all IFRS requirements, rather than for specific companies or industries. It allows both small companies and transnational corporations in any country to use our product.
Convenient information input
The software implements know-how to facilitate information entry specifically for financial reporting forms. Unlike Excel, which requires you to enter formula components and then generate the sum, our software lets you work backwards. For example, you can enter the total amount of fixed assets in the balance sheet and then break it down by type and operation in the notes. In IFRS reporting, it is convenient to go from general to specific, rather than the other way around (i.e. first fill in the key statements and then break down the general indicators in the notes). Our patented know-how makes it possible to start filling in the forms with the final amount, without the risk of deleting the formula contained in a cell.
Auditing the consistency of indicators
IFRS reporting includes thousands of indicators that must be disclosed. Many of the indicators are interrelated. For example, the bottom line indicators in the cash flow statement correspond to the relevant line items in the statement of financial position. Considering the number of notes and breakdowns in IFRS, there are hundreds of such formulas and relationships. Our software checks such relationships and immediately notifies the user of any violations. If you enter an amount in a cell and it turns red, it means that in the other table there is the same indicator, but it is assigned a different value. If a cell turns yellow, it means that other tables contain the breakdown of such indicator and the user should fill it in. Such a check allows to prevent the situation when the user makes inaccurate IFRS statements containing inconsistent data.
The software enables consolidated reporting by consolidating several companies according to IFRS rules.
Shared project activities
The main user can invite other users to the project and restrict their rights as needed. For example, a user can be given only the right to view the report.
IFRS Disclosure Guide (DG) Features
100% compliant with IFRS requirements
IFRS DG was created from the official IASB taxonomy and comprises all IFRS disclosure requirements. In other words, IFRS DG is a human-friendly view of an ideal IFRS statement issued by IASB in XBRL format (taxonomy).
Human Adapted View
IFRS taxonomy is a very useful source of information, but it is useless for non-IT specialists. We present the taxonomy in a familiar financial document format. It is easy to view, easy to understand and easy to use!
Free for Everyone
The IFRS Disclosure Guide is our contribution to improving IFRS reporting worldwide. We understand the importance of quality IFRS reporting and present this essential tool.