IFRS is coming to Canada in 2011 and also coming soon in US. Need to be able to have some out of the box financial reports from Accpac which are IFRS compliant.

by: Jacqueline L. | over a year ago | Reports / BI

Comments

• IFRS requires fairly fundamental changes to how you account for things, but there are no prescribed formats. To me, IFRS is more about recognition and measurement, when converting from an existing GAAP.
  
  For example, UK listed companies still disclose gross profit on their P&Ls (analysis by application), whereas the rest of the world discloses only operating profit (analysis by function). Yet, both reports comply with IFRS.
  
  When IFRS applies to my companies in UK, US, CD, NL and DE, I expect to concentrate on re-structuring my general ledger, recognition and measurement (review) procedures to result in numbers compliant with IFRS.

  by: Martin T. | over a year ago