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ReportWhat are the impacts of IFRS when it comes to GP? Does GP need to be setup and run differently or is it simply in how you set up the reports?
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What are the impacts of IFRS when it comes to GP? Does GP need to be setup and run differently or is it simply in how you set up the reports?
*This post is locked for comments
We have several clients with long-term IFRS requirements; any US company owned by an international company likely does. So I researched it extensively. Go to our site at computeration dot com and download or request my whitepaper on IFRS. I derived it based on the alternatives we developed long before GP came out with multiple ledgers.
I found this by pressing F1 on the GL Setup screen. Looks like I have some studying to do as one of our clients has been purchased by an Italian firm and I hear of edicts coming from abroad.
Mark whether to allow reporting ledgers.
Allowing reporting ledgers is a permanent selection after you save your changes by clicking OK. You cannot unmark Allow Reporting Ledgers later.
When you mark this option:
The reporting ledger types Base, IFRS, and Local become available for the selected account. Later, transactions for this account can be assigned to one of these reporting ledger types. For more information on assigning a transaction to a reporting ledger type, see Standard and reversing transactions in General Ledger.
You can change the description for each reporting ledger type.
When you mark this option, the Account Balance for Subsidiary Windows list becomes active. This list lets you decide which reporting ledger types are used to calculate account balances that appear in Microsoft Dynamics GP modules other than General Ledger.
If you do not mark this option, all transactions for the selected account are assigned to the Base ledger.
Definitions of the reporting ledger types:
Base represents the base ledger, where the transactions can be applied for both local and IFRS accounting. All transactions originating sub-ledger modules are applied to the base ledger by default.
IFRS represents the IFRS ledger, where the transactions can be applied for IFRS accounting.
Local represents the local ledger, where the transactions can be applied for local accounting.
The local and IFRS ledger types allow you to enter similar transactions and assign them to a specific reporting ledger, which can vary because the accounts or amounts might differ on the accounting rules that are applied when determining the accounting transaction.
I can only speak to GP 2010. It is a setup feature, but also a process "difference". Under Tools>Setup>Financial>General Ledger, there is a section called "Reporting Ledgers". You can now have more than one book.
While our organization does not use this because we so far none of the IFRS rules will change our accounting, my limited understanding is that if you use more than one book, when you perform a transaction, the user will have to tell GP which book to use for the transaction. I do not know if you can have the transaction hit both books. I've seen some blogs on this, but I do not recall which ones. Sorry that I can't be more helpful.
Best regards,
Dale
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