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

NicoleBruno
Contributor III

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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Henning
Contributor III

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:

Henning_0-1671555536673.png

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

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3 REPLIES 3

Henning
Contributor III

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:

Henning_0-1671555536673.png

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

LeeB
Contributor II

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

NicoleBruno
Contributor III

Thanks, all!