New IFRS Compliant Reporting Features in Microsoft Dynamics GP Version 11 Will Make Your Job Easier

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As we approach the 2010 International Financial Reporting Standards (IFRS) transitional year in Canada, a number of our clients are asking what the approach will be to accommodate IFRS financial statements with Microsoft Dynamics GP and Microsoft FRx

Today, there are two solutions to deliver IFRS compliant reporting.  The first is to set copy the company database and post IFRS adjustments there to keep the IFRS compliant accounting separate from the GAAP General Ledger. Microsoft FRx reporting can draw upon the different databases to produce financial statements. 

The second is to maintain the current primary database and incorporate one of Analytical Accounting, Multi Dimensional Analysis, or new general ledger accounts to keep track of IFRS specific journal entries. Microsoft FRx reports would be developed to report on such transactions and adjustments restricting the data that is used to generate the report. 

Microsoft Dynamics GP Version 11 will have an important new feature called Reporting Ledger which will make the IFRS reporting process much easier. Users can set up reporting ledgers for IFRS and GAAP and post the appropriate entry to the needed reporting ledger rather than use other modules or set up more databases. This, combined with the Microsoft FRx replacement product Management Reporter, should make financial reporting a very new experience in the near future. 

Microsoft Dynamics GP Version 11, rumoured to be renamed Microsoft Dynamics GP 2010, and Management Reporter are expected to ship in May of 2010.

By Rimrock Corporation, Toronto, Ontario Microsoft Dynamics GP Partner

4 thoughts on “New IFRS Compliant Reporting Features in Microsoft Dynamics GP Version 11 Will Make Your Job Easier”

  1. Hi guys,

    I am doing analysis work for one of the major banks in South Afrihe ca. I would like to know how many IFRS requirements were released in 2009 and 2010?

    I am working on a Project where I need to provide some advise on the number of Accountants that are required to typically ‘interpret’ the IFRS requirements and to determine the business and technical impact.

  2. I would like more information of your software solution, inculding pricing and functionality for a multi project, multi currency, IFRS compliant and multiple companies on a consolidated and consoliating financial reporting. Interaction with banking, credit card, letter of credit and mutil national payroll. ASP platform with internet access.

    Please advise.

    Thanks

    Sami

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