IFRS: Management 2.0
A step ahead
IFRS Management 2.0 software product was created by the consortium of specialists, who worked for over 15 years on automation of the IFRS reporting, management accounting and budgeting, tax and financial accounting in accordance with the laws of the Republic of Belarus, and carried out consulting projects in the area of IFRS implementation and training of specialists on the IFRS principles, preparation and audit of the financial statements in accordance with IFRS.
The consortium comprises the leading companies in the Belarusian consulting services market: Foreign Unitary Enterprise “Deloitte& Touche”, LLC “Human System” and Sinkevich Technologies. IFRS Management 2.0 is an automated module for management reporting based on the key principles of International Financial Reporting Standards.
IFRS Management 2.0 product was designed to automate preparation of the four basic financial statements, including the statements of financial position, comprehensive income, changes in equity and cash flows, prepared in accordance with the key IFRS principles on recognition and assessment.
These statements may be used to address the needs of management and owners of small and medium businesses in Belarus in management information, as well as to serve as a basis for finding individual solutions in respect of IFRS reporting for large businesses in the form of designing additional adjustment modules. The applied IFRS principles and restrictions were determined in the context of the needs of management and owners of small and medium businesses in Belarus in management information.
The Belarusian accounting database is used as a data source. Currently, the new product is fully compatible with My Accounting 8 product of LLC “Human System” based on 1C platform. The data is imported from any client's sources, if necessary.
The control over correct transfer of journal entries and input of adjustments is exercised using a specialized report on the adjustments made, which helps to make the financial statements transformation process transparent and comprehensible to its users.
Purpose of the Product
The implementation of IFRS Management 2.0 is executed by highly qualified specialists with considerable practical experience in adoption of IFRS. If necessary, the software product is customized taking into account specific needs determined by the type of the client’s business activities, leading experts and international auditors are involved in the design of the accounting policies in accordance with IFRS, as well a corporate training on IFRS principles is organized for the client's specialists. If the client's software is nonstandard, it is integrated into a unified information system.
The resulting financial statements may be used for management accounting, as well as for preparation of the full IFRS reporting package with its subsequent audit and submission to investors, banks and other entities concerned.