IFRS for Microsoft Dynamics AX - 6 Gen

Type of Change Details Information Systems ImpactsInterface andmapping changesConsolidation ofentitiesFinancial reportingtoolsWith the introduction of new source systems and the decommissioningof old systems, interfaces may need to bechanged or developed and there may be changes to existingmapping tables to the financial system.Where separate reporting tools are used to generate thefinancial statements, the mapping to these tools will requireupdating to reflect changes made to the chart of accounts.Under IFRS, there will potentially be changes to the number andtype of entities which need to be included in the groupconsolidated financial statements. For example, the definition of‗control‘ may be different under IFRS.Reporting tools may need to be modified to:● Gather additional disclosure information from branches orsubsidiaries operating on a standard general ledger package;or● Collect information from subsidiaries that use differentfinancial accounting packages.Interfaces may be impacted by:● Modifications made toexisting systems● The need to collect new data● The timing and frequency of● Data transfer requirements.Consolidation systems/modelswill need to be updated toaccount for changes inconsolidated entities.Reporting tools and theaccounting systems used bysubsidiaries and branches toprovide financial informationwill need to be modified.30