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NicoleBruno's avatar
NicoleBruno
Valued Contributor
3 years ago

IFRS and GAAP reporting - how do you record and report?

Hello! 

Looking for some feedback on how your company records and reports on both IFRS and GAAP standards. Do you use a UD as a sort of data type to record adjustments where they differ between IFRS and GAAP? Or do you use different accounts with an alternate hierarchy? Or something different? 

Interesting in hearing from anyone with any suggestions - thanks!

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Methodology
  • Henning's avatar
    Henning
    3 years ago

    Hi Nicole, customers typically use something like an Audit dimension (dedicated UD) for that. Most call it "Audit", though I Have seen "Nature" as well. Here is an example screenshot from Golfstream:

    Each one I have seen is unique as each customer sets up members as required for their individual reporting.

  • Henning's avatar
    Henning
    Valued Contributor II
    3 years ago

    Hi Nicole, customers typically use something like an Audit dimension (dedicated UD) for that. Most call it "Audit", though I Have seen "Nature" as well. Here is an example screenshot from Golfstream:

    Each one I have seen is unique as each customer sets up members as required for their individual reporting.

  • LeeB's avatar
    LeeB
    Contributor II
    3 years ago

    Agreed, most often approached in a dimension similar to this, named "Data Audit", "Reporting Basis" or similar.