Absolutely. Dynamics GP is IFRS ready.
There are 5 available methods of deploying International Financial Reporting Standards (IFRS) within Microsoft® GP.
- Duplicating your database then adding adjusting entries in the new database
- Adding a parallel set of accounts representing the new ledger to your existing chart of accounts, providing for segment differentiation for the divergent standards. This method increases the number of accounts in your general ledger.
- Adding an Analytical Accounting dimension to your existing ledger accounts. This method doesn’t increase the number of accounts in your general ledger, but does add another dimension that must interface with your financial report writer, FRx or Management Reporter.
- Classifying transactions by ledger within your existing chart of accounts—in Microsoft Dynamics® GP, a method in addition to adding a dimension. This method could be termed to add an attribute to each transaction.
- A hybrid approach combining two of the other methods.
Next blog we’ll answer the question, “IFRS in Dynamics GP – Where Do You Start?”
By Gloria Braunschweig, The IFRS Implementation Expert for Dynamics GP, with Computeration, a Pacific Northwest Microsoft Dynamics GP Partner
Computeration specializes in ways to enhance your company’s solutions with Microsoft Dynamics GP in Idaho, Oregon, and Southwest Washington, with clients around the world, Computeration makes your implementation successful by offering experienced project management, data integration, training, and consulting services.
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Related Posts
- IFRS Accounting with Microsoft Dynamics GP®: Where Do You Start?
- IFRS Accounting with Microsoft Dynamics GP®: Sub-ledger Transaction Level (Part 1)
- IFRS Accounting with Microsoft Dynamics GP®: Sub-ledger Transaction Level (Part 2)
- IFRS Accounting – How Do You Add a Parallel Set of Accounts with Segment Differentiation?
- IFRS Accounting with Microsoft Dynamics® GP: Sub-ledger Transaction Level (Part 3) Classifying Transactions by Ledger and A Hybrid Approach
