New IFRS Compliant Reporting Features in Microsoft Dynamics GP Make Your Job Easier

As we approach the 2010 International Financial Reporting Standards (IFRS) transitional year in Canada, a number of our clients are asking what the approach will be to accommodate IFRS financial statements with Microsoft Dynamics GP and Microsoft FRx. 

Today, there are two solutions to deliver IFRS compliant reporting.  The first is to set copy the company database and post IFRS adjustments there to keep the IFRS compliant accounting separate from the GAAP Generals Ledger. Microsoft FRx reporting can draw upon the different databases to produce financial statements. 

The second is to maintain the current primary database and incorporate one of Analytical Accounting, Multi Dimensional Analysis, or new general ledger accounts to keep track of IFRS specific journal entries. Microsoft FRx reports would be developed to report on such transactions and adjustments restricting the data that is used to generate the report. 

Microsoft Dynamics GP Version 11 will have an important new feature called Reporting Ledger which will make the IFRS reporting process much easier. Users can set up reporting ledgers for IFRS and GAAP and post the appropriate entry to the needed reporting ledger rather than use other modules or set up more databases. This, combined with the Microsoft FRx replacement product Management Reporter, should make financial reporting a very new experience in the near future. 

Microsoft Dynamics GP Version 11, rumoured to be renamed Microsoft Dynamics GP 2010, and Management Reporter are expected to ship in May of 2010.

By Rimrock Corporation, Toronto, Ontario Microsoft Dynamics GP Partner

Related Posts

1. New Acronym, IFRS, and What Compliance Means to My Business
2. Take the Mystery Out of Reporting with Microsoft Dynamics GP Reporting Tools
3. 3 Sneak Peak Highlights of the New Microsoft Dynamics GP Version 11.0