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Posts Tagged ‘IFRS’

Will my fixed asset module work for ASC 842 & IFRS 16?

Lease Accounting Standards Are Changing. As you are probably aware, new leasing standards about to go into place. These standards are known as ASC 842 and IFRS 16, which require companies to place leases on the balance sheet. This includes a right of use asset and a lease liability. In addition, the lease expense will be made […]

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Microsoft Dynamics GP’s Over-Looked Module: Revenue and Expense Deferrals

Revenue and Expense Deferrals is an often-overlooked module within Microsoft Dynamics GP that is highly useful for amortizing revenue and expenses related to annual software maintenance plans, insurance policy costs, annual licensing costs, and other assets such as goodwill.

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IFRS Accounting with Microsoft Dynamics® GP: Existing Microsoft Dynamics® GP Transaction Origins Capable of Simplifying IFRS Entries

Many existing transaction origins within Microsoft Dynamics® GP are capable of facilitating rapid creation of adjusting entries to transition financial and analysis reports between GAAP and IFRS.  These transaction origins are best utilized with one of these three methods: Parallel set of accounts Accounts with a dimension Classified Transactions within the chart of accounts . […]

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IFRS Accounting with Microsoft Dynamics® GP: Sub-ledger Transaction Level (Part 3) Classifying Transactions by Ledger and A Hybrid Approach

In this blog, we examine the final two of five available methods of deploying IFRS at the Sub-level Transaction Level. Missed our first two discussions? Click here to see Sub-ledger Transaction Level (Part 1): Duplicating your Database or click here to see the Sub-ledger Transaction Level (Part 2):  Adding a Parallel Set of Accounts and […]

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IFRS Accounting – How Do You Duplicate Your Database?”

Duplicating your Microsoft Dynamics® GP database facilitates consolidated reporting. Typically, we are concerned with 75% of companies using Microsoft SQL and the other 25% using Oracle SQL or Pervasive SQL. We don’t include “QuickBooks SQL” because QuickBooks is not a real Standard Query Language, and there are a mud-puddle-size pool of public companies using QuickBooks. […]

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IFRS Accounting – Where Do You Start?

Your answer depends upon the number of layers you want to affect in your system. The first step in analyzing your software systems is to determine the source of transactions and at what point you want to be able to diverge reporting between GAAP and IFRS (International Financial Reporting Standards).  Consider a system diagram: Three […]

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