With 1C:ERP, you can keep accounting and generate reporting according to IFRS as well as rules applied in your company.
International Chart of Accounts
The International Chart of Accounts allows you to arbitrarily set up accounts and subaccounts, use up to three kinds of extra dimensions, receive and send accounts.
Groups of financial accounting of settlements, products and services, funds, and income/expenses are used in real-time accounting and are applied when generating IFRS reporting. Grouping or selecting by financial accounting groups, you can compare real-time and financial accounting data.
Generating of Postings for Real-Time Accounting Data
Business transactions are taken into account in the operational contour in the analytical accumulation registers that reflect movements between accounting entities (counterparties, products and services, funds, income/expenses, and other assets/liabilities) and contain their data.
IFRS postings are generated automatically based on business transaction data.
You can generate international accounting postings for real-time accounting documents on a periodic basis. An accountant can set a posting generation closing date, view documents posted in real-time accounting, control customized accounting policies, and set up automatic document record in accounting on schedule.
To translate transactions from regulatory accounting into international financial accounting, you should specify matches of accounts and turnovers of regulatory accounting with accounts and turnovers of international accounting.
Turnover matching rules’ priority is higher than one of account matching rules. That is, the account matching rules will not be applied for the posting for which the turnover match is specified.
To specify the account match, you can set up additional filters, including one by extra dimension value attributes.
Using the function options, you can disable or enable the templates of business transaction postings and transaction translation from regulatory accounting to select a method or combine approaches.
Both tools can operate at the same time enabling you to receive a part of the postings of the real-time accounting data and a part by translation of the transactions from regulatory accounting.
Parallel Accounting Documents
To generate postings for business transactions for which no real-time accounting documents are specified, you can create Transactions documents and separate documents for accounting of fixed assets and intangible assets according to IFRS in the International Financial Accounting section.
Capital costs of acquiring or self-creating fixed assets and intangible assets are taken into account in real-time accounting documents.
To close the reporting period at the end of the month, one should perform regulatory transactions for expense item allocation, costing, etc. As part of month-end closing, the International Financial Accounting section tracks the execution state of transactions of depreciation accrual, document recording in international accounting, calculation of exchange rate differences, and closure of GL accounts for income and expenses that generate the financial result.
Closing GL account for income and expenses consists of closing:
- Income and expense accounts for the two corresponding total accounts
- Total GL accounts for gains and losses from continuing operations and from discontinuing operations, as well as GL accounts for profit tax transactions on account of unallocated gain (loss) of the current period.
Exchange rate differences are calculated on moth-end closing.
Conversion to the presentation currency is performed:
- With everyday accounting, business transaction amounts are converted into the presentation currency at the exchange rate in effect at the transaction date
- Conversion at the reporting date is performed for all accounts except for the accounts specified in the settings (310xx Unallocated gain accounts), and the balance of balance sheet accounts is also converted from the functional currency into the presentation currency at the reporting date
- The balancing amount is allocated to the account in capital 33510 Gains (losses) on exchange differences on translation.
International accounting includes statements of:
- Financial position
- Сomprehensive income
- Changes in equity
- Cash flow, as well as the Notes to financial statements report.
The report set can be configured by users.
The solution also provides standard financial accounting reports, such as trial balance, account card, account analysis, and extra dimension analysis.
To analyse and reconcile data, you can use:
- Analysis of counterparty mutual settlement under contracts
- Articulation statement
- Collective postings
- Reconciliation of international and regulatory accounting
- Accounts and extra dimensions in the reporting settings
- Financial analysis indicators.
In this application, you can use a specialized design tool to create arbitrary forms of financial reports. Postings of the chart of accounts will serve for reports as a data source. You can decrypt the indicators built in the report to standard accounting reports.
Reporting forms of this application correspond to the forms offered by IFRS Taxonomy, which is issued annually by IFRS Fund and contains IFRS (IAS/IFRS) and interpretations to them (IFRIC/SIC).