IFRS for Microsoft Dynamics AX - 6 Gen

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IFRS is relatively young – since the 1970s and the IASB wasestablished in 2001.● Currently, there are variation of IFRS being adopted worldwide.● IFRS adoption strategies differ in key countries that the AXproducts are sold to.IFRS as adopted by IASB● Financial statements must comply with the whole body of IASBstandards and the related interpretations, including disclosurerequirements.● IFRSs are not limited to a particular legal framework.6
IFRS with country variant (EU, local, convergence approach)● The EU/EEA audit report refers to compliance with ―IFRSs as adopted bythe EU‖.● The EU has adopted virtually all IFRSs, though there is a time lag inadopting several recent IFRSs and one aspect of IAS 39 was modified.● Some countries asserted that Local GAAP is nearly converged with IFRSor largely aligned to IFRS except for certain modifications, certaintransitional provisions, and differences in the timing of adoption.IFRS for small and medium-sized entities (SMEs)● A self-contained standard with fewer than 230 pages, designed to meetthe needs and capabilities of SMEs.● Less complex compare with full IFRSs and many national GAAPs.● The standard is available for any jurisdiction to adopt, except for listedcompanies and financial institutions.7
Page 3 and 4: What is IFRS (International Financi
Page 5: Harmonising internal and external r
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 30 and 31: Type of Change Details Information
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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