FIN.by team optimizes IFRS reporting systems on the basis of MS Excel. Using MS Excel as a means for system development is the least expensive and the fastest way in comparison with other software solutions. MS Excel allows for:
- programming a unique calculation logic depending on the specifics of a client’s business activities and accounting system;
- changing this logic quickly, if necessary;
- finally, business logic in MS Excel is not a "black box", but is available to the user for review and analysis.
Reporting system optimization allows maintaining balance between reporting accuracy and completeness on the one hand, and hours spent on it on the other.
The result of IFRS reporting system automation may be:
- specific automated tools for adjustments and other reporting elements calculation, which meet the client’s prior needs;
- full-fledged system for automated transformation of national financial statements into IFRS financial statements.
In addition, a client receives the following benefits:
- reduction of hours spent on IFRS reporting;
- increasing the reliability of financial statements due to reducing dependence on human factor and processing data from local accouting in more detail (at the level of certain objects and entries);
- possibility of IFRS reporting on a regular basis within strict time frames even in the context of fast close;
- shifting an emphasis from the source data technical processing to their adequacy assessment and reports analysis.
Our approach to IFRS reporting automation
IFRS reporting automation may comprise the following steps:
- Technological audit of the existing reporting process or its certain elements: identification of bottlenecks, determination of adjustments optimization priorities and development of the schedule for reporting automation.
- Analysis of the client`s adjustments calculation methodology with respect to its adequacy and compliance with IFRS.
- Development of transformation model, automated tools for adjustments calculation and financial statements and disclosures preparation in MS Excel.
- Preparation of guidelines on the system usage.
- Delivery of the developed tools to the client and the process implementation.
- Support of the tools after its final delivery to the client.