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 AccountMate 10 for SQL and Express (and higher versions)

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SM, GL

Articles #1131, #1332, #1333, and #1342

International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board whose goal is to make international comparisons of company accounts as easy as possible. Activating the IFRS feature for a company in AccountMate allows users to generate IFRS-ready financial statements.

Here’s a set of four tech notes with details about IFRS-specific features:

1. Article #1331: Understanding the IFRS Statement of Comprehensive Income. Learn about generating an IFRS-ready Statement of Comprehensive Income financial report from General Ledger, which includes the report captions, report settings, and report title.

2. Article #1332: How to Activate AccountMate’s IFRS Feature. Users with existing non-IFRS-compliant companies can opt to activate the IFRS feature to facilitate the conversion of financial records and reports to be IFRS-compliant. This tech note provides information about the prerequisites for activating the IFRS feature as well as the activation and post-activation procedures.

3. Article #1333: Understanding the IFRS Statement of Cash Flows. Learn how the IFRS and non-IFRS Statement of Cash Flows generic captions differ. This tech note also highlights the differences between the IFRS and non-IFRS companies’ cash flow categories, and provides the formulas used to calculate the values for the IFRS Statement of Cash Flows captions for both the Direct and Indirect cash flow methods.

4. Article #1342: Understanding the IFRS Statement of Financial PositionActivating the IFRS feature automatically changes the financial reports available in General Ledger. One of these reports is the Statement of Financial Position. This tech note provides information about this statement, and also discusses the Balance Sheet enhancements.