Navicon IFRS

Transformation and consolidation of financial statements under IFRS

Smart transformation and consolidation of primary accounting data to prepare the statements under IFRS

You need to

Get consolidated statements in accordance with IFRS
Increase the transparency of statement preparation process
Reduce the terms of the statement preparation to 2-3 days
Get your data in more detail
Minimize the human factor while preparing statements
Prevent data duplication
Improve the quality of audit

Solution features

Data transformation

Navicon IFRS supports the following transformation rules:
  • Data transfer at the general ledger level
  • Posting transformation rules support the mapping in terms of:
    • Source account (primary accounting account)
    • Type of transaction (debit/credit)
    • Corresponding account
    • Analytical section up to 3 any analytics
    • The aforementioned combination is brought to correspondence with the IFRS account. Besides, the analytical section can be brought to correspondence with up to 3 receiver analytics. For example, it may help when you need to add the analytics which are absent in the local accounting but can be uniquely defined for IFRS purposes in the mapping settings.
  • Transformation of assets, including parallel accounting (transformation of transaction facts). Each standard asset transaction gets a corresponding rule of accounting at the consolidated level.
  • Transformation of analytics. The source analytics value code can be brought to correspondence with the receiver analytics value code. This tool is needed to standardize the analytics at the consolidated level.
  • During the transformation, the system maintains the log file which registers the operation errors and provides the details.
  • It's possible to prevent certain types of transactions from being transformed. For instance, one could exclude repricing or closing transactions from transformation into IFRS standard.
  • During the transformation, the currency is converted to the local currency of the receiver company.
  • At IFRS level, links to the source transactions are saved for auditing purposes, so that the amounts are kept in original currencies as well.
  • Possibility to reassess transactions at IFRS level
  • Disclosure of main reporting forms with a built-in report designer

Solution benefits

Any primary accounting system can serve as the data source
The rules of data transformation have been developed in cooperation with the Big Four representatives
Automated calculation of corrections
Flexible settings for the perimeter of consolidation
Tools to configure financial statements flexibly
The statements can be prepared not only by means of the system but also at BI level

Solution is already being used by

Dräger
Project

Dräger / Automation of the company activities

Blum
Description

An international company that specializes in the production of functional furniture fittings.

AKRIKHIN
Project

AKRIKHIN / BI-based comprehensive analysis of the company activities