IFRS for Microsoft Dynamics AX - 6 Gen

Key System ConsiderationsCut-over approachDescriptionRemember, there are two cut-over you need to plan for and deal with(transition into the parallel accounting period with IFRS opening balance recording andtransition out of the parallel accounting period with the decommissioning of previous GAAPOpening Balances(e.g. PP&E)Reporting● When available● When and how to post them● System embedded or outside the system● Local vs. corporate requirements.● Reconciliation between current GAAP and IFRSReal-time vs. retrospectiveparallel accountingYou may decide to record current GAAP and IFRS transactions in parallel or to have a lagbetween recording your primary GAAP and your secondary GAAP (e.g. at month end oreven quarter end)You may consider to document the details on all the items above in anIFRS solution document that will drive subsequent design andimplementation decisions.33