IFRS for Microsoft Dynamics AX - 6 Gen

Type of Change Details Information Systems ImpactsNew datarequirementsChanges to the chartof accountsReconfiguration ofexisting financial appl.Modifications toexisting financialapplicationsSelection andimplementation ofnew financialapplicationsNew accounting disclosure and recognition requirementsmay result in:● More detailed presentation of information; and/or● New data elements or fields to be recorded; and/or● Information to be calculated on a different basis.There will almost always be a change to the chart of accountsdue to re-classifications and additional reporting criteria.Existing systems may have capabilities built-in to cater tospecific IFRS changes, particularly the larger Enterprise ResourcePlanning (ERP) systems and high-end general ledger packages.New reports and calculations required to accommodate IFRS.Spreadsheets and models used by management as an integralpart of the financial reporting process should be included whenconsidering the required systems modifications.Where previous financial reporting standards did not require theuse of a system, or the existing system is inadequate for IFRSreporting, it may be necessary to implement new software.Changes to allow for thecapture of new or changeddata.Creation of new accounts anddeactivation of accounts whichare no longer required.Reconfiguration of existingsoftware to enable accountingunder IFRS.Amendments such as:● New or changed calculations● New or changed reports● New models.Implementation of software inthe form of a new softwaredevelopment project or theselection of a package solution.29