International Financial Reporting Tool is a convenient instrument for making flawless financial reporting in full compliance with the requirements of the International Financial Reporting Standards (IFRS).
Key software features:
Full compliance with IFRS
The statements generated by the software are 100% compliant with international standards requirements. This is guaranteed, as all tables had been verified against IFRS Taxonomy 2014 developed by IFRS Foundation for electronic information disclosure. Currently IFRT is one of the most comprehensive and accurate collection of reporting forms and information to be disclosed in accordance with IFRS.
Suitable for any scale business
The software was created with strict adherence to all IFRS requirements, rather than for specific enterprise or industry. It enables both small enterprises and transnational corporations in any country to use our product.
Convenient information input
The software implements know-how to facilitate information input specifically for financial reporting forms. As opposed to Excel, which first requires entering formula components and then generates the sum, you can make in backwards in our software. For instance, first you enter total property, plant and equipment in the Statement of Financial Position, and then you break it down by the types and operations in the notes. When making IFRS reporting, it is convenient to go from general to specific, rather than vice-versa (i.e. to fill out the key statements first, and then to breakdown the general indicators in the notes). Our know-how makes it possible to start filling out the forms with final amount, with no risk to erase the formula contained in a cell.
Audit of indicators consistency
IFRS reporting contains thousands of indicators that must be disclosed. Therewith, many of indicators are interrelated. For example, bottom-line indicators in the Statement of "Cash Flows" are equal to the relevant line items in the "Statement of Financial Position". Taking into account the number of notes and breakdowns in IFRS, there are hundreds of such formulas and relations. Our software controls such relations and immediately informs user on any violations. You enter 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 yellows it means that other tables contain the breakdown of such indicator and user needs to fill it out. Such audit enables to prevent the situation when user makes inaccurate IFRS statements, which contains inconsistent data.
The software enables to make consolidated reporting by consolidating several firms based on IFRS rules.
Joint project activities
The main user can invite other users to the project, restricting their rights as needed. For instance, user may be granted reporting view rights only.