IFRS for Microsoft Dynamics AX - 6 Gen

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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
● Determine initial guiding principles for your IFRS conversionproject● The following are key considerations that will drive the overallsolution for parallel accounting & reporting which will be furtherdetailed during the design phase.Key System ConsiderationsSystem supported Parallelaccounting solutionsAudit trail/Traceability,Reconciliation & InternalControlsDescription● Determine system capabilities and options for parallel accounting● Determine what items your company wants and needs to maintain in parallel and whatthe best solution for it is.Consider also:● The occurrence/frequency of the transactions that need to be kept in parallel that havedifferences between GAAP and IFRS● What is the cost and benefit of having a system embedded solution that is not neededbeyond the transition period● Determine reconciliation process during parallel accounting and reporting period● Determine clear audit trail when recording IFRS opening balance adjustments● Determine specific internal controls around parallel accounting & reporting● The AX Audit Workbench provides out-of-the-box support to monitor the employeeexpense reports and the related lines. It can be extended to monitor other businessdocuments (e.g. vendor invoices, purchase orders etc).31
Page 3 and 4: What is IFRS (International Financi
Page 5 and 6: Harmonising internal and external r
Page 7: IFRS with country variant (EU, loca
Page 10 and 11: Financial statements Consolidation
Page 12 and 13: ED = Exposure DraftFinancial Crisis
Page 14 and 15: Part Two● Effects of IFRS on syst
Page 16 and 17: As a result it is critical to -●
Page 18 and 19: 1 System supported parallel account
Page 20 and 21: Part Three● Dynamics AX support f
Page 22 and 23: Key ERP RequirementsDynamics AX Fun
Page 24 and 25: Key ERP RequirementsDynamics AX Fun
Page 27: © 2011 Microsoft Corporation. All
Page 32 and 33: Key System ConsiderationsWhere: Top
Page 34 and 35: ● How to identify the system impa
Page 36 and 37: ED = Exposure Draft 2010 2011MoU Jo

IFRS for Microsoft Dynamics AX - 6 Gen

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