CONSIFRS module with Microsoft Dynamics 365

IFRS MODULE on the Microsoft Dynamics 365 is an integrated module in F&O.

CONSIFRS is a module on the Microsoft Dynamics 365 Finance ERP Software that enables the conversion of the Statutory Financial Statements prepared in accordance with the Local Statutory Accounting Standards or Rules and Regulations into International Financial Reporting Standards. Consifrs is also used to consolidate the multiple companies under one Consolidating entity. Sub-Consolidation is also can be performed before the ultimate consolidation.

CONSIFRS Module uses Microsoft Dynamics 365 Finance ERP System and prepares IFRS Solo and Consolidated Financial Statements and Numerical Footnotes.

IFRS APPLICATION

Procedures for converting Statutory Accounts in Microsoft Dynamics 365 Finance to IFRS

The module runs on Microsoft Dynamics 365 Finance ERP and retrieves the data needed to convert it to IFRS from the system, if any. For the correction records to be determined by using the non-system data, the correction records prepared with the calculations made in the Excel files are taken into the system and the correction records are moved to the system.

For IFRS compliance and transformation:

The module starts from Statutory Accounts

Permitted Netting of the Asset and Liability Accounts

Reclassifications as required by IFRS

Adjustments to comply with IFRS system-generated and out of book calculations for applicable individual IFRS

Consifrs prepares a comprehensive Journal Entry for the above reclass, nettings and adjustments and records all these on top of the Statutory Accounts.

A Working Paper detailing the IFRS compliance records for each category is prepared and referenced for the Auditor so that the Auditor can check the underlying records.

A separate book is not kept. For this reason, there is no need to make reversals at the opening of the previous period. These transactions are carried out monthly or other periods as closing steps and IFRS Financial Statements are prepared.