We make accountants' jobs easier
Every year, International Financial Reporting Standards become more widely used around the world. Does an accountant have enough resources to produce quality IFRS reporting? First of all, it depends on the accountant. It is impossible to do good reporting without basic knowledge. However, knowledge is only the first step. In practice, the accountant faces specific technical problems.
Problems with financial statements | How does our International Financial Reporting Tool (IFRT) help? |
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IFRS doesn't contain reporting forms as such, it just has multiple requirements that apply to them. To prepare reporting forms individually can take several weeks or even a month, even for a person who knows the standards quite well. |
We have equipped our software with a set of reporting forms that are fully compliant with IFRS requirements. We have included only those indicators that need to be disclosed, and even with such limitations, there are thousands of them, with more than a hundred tables. Even if the software is used only as a set of reporting forms, you save a lot of effort not having to invent your own reporting forms. |
Even if you have a finished report, there is no guarantee that it contains 100% of the information required by IFRS. |
IFRT can be used as a perfect checklist and to verify your reporting for compliance with IFRS requirements. |
IFRS reporting includes a lot of disclosures and breakdowns into key statement forms. It is a challenge to fill in many tables, taking into account the relationships between indicators. |
Our software controls the completion of tables. If you enter data that is different on different sheets, the software will immediately point out the discrepancy. More than 200 formulas included in the software allow to formally control the accuracy of filling in the reports and to eliminate errors in a timely manner. |
When IFRS reporting is done in a currency other than the functional currency, it is necessary to specify exchange rate differences on translation. From a technical point of view, this is not an easy task, considering that exchange rate differences affect many tables. The calculation of such differences itself is a complex goal for new specialists. |
Our software calculates exchange differences automatically. You enter all data in your functional currency, then select the required presentation currency and specify its exchange rate to the functional currency. Everything else is done by the software. |
Filling out reports in Excel is not always convenient. For example, if you have a formula "A=B+C", first you need to enter B and C, and then you will derive A. But often it is more convenient to do it the other way round when creating reports: first you enter A, and then you break it down into B and C. In Excel it is impossible to do this, because you delete the formula when you enter A in the cell. |
The software has a unique approach to filling out forms, where components and their sum can be entered in any order and the formula is preserved. For example, first you can enter the total amount of inventories, and then you can divide this amount by their types. It is very convenient. |
Difficulty of making adjustments. In Excel, you have to make adjustments manually in each table, checking the relationships between different indicators. |
Adjustments in our software are made in the same way as we usually do in accounting programs: through a regular list. The software asks for all the analytical details so that the adjustments can be made not only to the balance sheet and income statement, but also to all the related forms and notes. The process of entering adjustments becomes as intuitive and convenient as in the case of accounting. |
International Financial Reporting Tool will not replace you in making reports, but our software is as important for accountant as calculator. The work with the help of software is different from the manual approach in the same way as the work with the calculator is different from the use of counting frame.
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