Beginning January 1, 2005, all companies doing business in the European Union must comply with International Financial Reporting Standards, commonly called International Accounting Standards (IAS). This is required in order to enforce transparency and comparability in financial statements across the EU. Find out how Microsoft Business Solutions–Axapta (now Microsoft Dynamics AX) can help give you the visibility you need to comply with these standards and prepare reports that meet IAS requirements.
About the Microsoft Axapta International Financial Reporting Standards (IAS) White PaperThe white paper available for download on this page will take you through the different standards, describing the requirements of each IAS and relating those requirements to the functionality available in Microsoft Business Solutions–Axapta 3.0. Only standards that relate to functionality in Microsoft Axapta 3.0 will be considered. Standards for which the solution has no input and relevance will not be discussed. Compliance with IAS is defined as the ability to meet the requirements of the IAS using Microsoft Axapta 3.0. This means that, for standards for which Microsoft Axapta 3.0 has functionality, compliance is met when the functionality allows the user to prepare a financial statement that meets IAS criteria. For standards for which Microsoft Axapta 3.0 does not have functionality, compliance is implied, as long as the standards don’t contain additional requirements that could not be fulfilled by Microsoft Axapta 3.0. This is the reason why several of the standards are excluded from deeper analysis in this white paper. Challenges for Companies Affected by IASCompanies must comply with all International Accounting Standards without exception. However, IAS 1, 2, 14, 16, 21, 27, 46, 38, 39, and 40 are identified as relevant to the operation of a business management suite. These standards are described in more detail and related to the functionality in Microsoft Axapta 3.0 in the related white paper. The document will also help you with suggestions on how you can set up processes that make compliance easier. On the reporting side, segment reporting by business unit and geographical location will be required by IAS. The white paper covers segment reporting in terms of Microsoft Axapta 3.0 as well as suggestions on how to use this functionality effectively. From a company’s perspective, IAS compliance in the context of a business management suite involves more than just functionality—it includes both the setup and proper use of the system. This white paper will give you a head start on choosing a solution that meets your needs as well as IAS requirements, and preparing your solution to meet the IAS challenge.
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