We make accountant’s work easier

Each year the International Financial Reporting Standards are used more commonly in the world. Does an accountant have enough resources to make high quality IFRS reporting? First, it depends on accountant. It is impossible to make good reporting without basic knowledge. But knowledge is only the first step. In practice, accountant faces specific technical problems.

Problem with making financial statements

What assistance does International Financial Reporting Tool (IFRT) provide

IFRS doesn't contain reporting forms as such, there are only multiple requirements applicable thereto. In order to prepare reporting forms individually, it may take several weeks or even a month even for a person who knows the standards pretty well.

We have equipped our software with a set of reporting forms, which is in full consistency with IFRS requirements. We have taken only those indicators that must be disclosed, and even with such limitations they turned to be thousands with more than hundred tables.
Even if software is used just as a set of reporting forms, you save a lot of efforts not having to invent your own reporting forms.

Even if you have ready reporting there is no guarantee that it contains 100% of IFRS required information.

IFRT may be used as a perfect checklist and for verifying your reporting for compliance with IFRS requirements.

IFRS reporting includes a lot of clarifications and breakdowns to key statements forms. It is a challenge to fill out a lot of tables, observing relations between indicators.

Our software controls the filling out of tables. If you enter data, which are different on various sheets, the software will immediately point out the discrepancy. More than 200 formulas included in the software enable to formally control the accuracy of filling out reporting and eliminate errors in a timely manner.

When making IFRS reporting in the currency, other than functional currency, it is necessary to specify exchange differences on translation. This is not a simple thing to do in technical terms, taking into account that exchange differences affect many tables. The computation of such differences itself is a complex goal for new specialists.

Our software automatically computes exchange differences on translation. You enter all the data in your functional currency, then you select required presentation foreign currency and specify its exchange rate to the functional currency. All other actions will be done by the software.

Filling out reporting 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 it is often more convenient to do it vice versa when making reporting: first to enter A, and then break it down to B and C. In Excel it is impossible to do so, as you erase the formula when you enter A to the cell.

The software follows a unique approach to filling out forms, when components and their sum may be entered in any order and the formula will be preserved. For instance, first you enter the total amount of Inventories, and then you break down such amount by their types. It is extremely convenient.

Difficulty of making adjustments. In Excel you have to make adjustment entry manually in each table, checking relations between various indicators.

Adjustment entries in our software are made the same way as we commonly do in accounting programs: by a regular list. Therewith the software requests all analytical details, in order for adjustment entry to be made not only to the Balance Sheet and P&L, but also to all related forms and notes. The process of entering adjustments becomes the same intuitive and convenient, as in case of accounting.

International Financial Reporting Tool will not replace you in making reporting, but our software is as crucial for accountant as calculator. The work with the help of the software is different from manual approach in the same way as the work with calculator is different from the use of counting frame.

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