FESA CONSOL

FlexSystem

IAS 1: Presentation of Financial Statements

Issues

Key distinctive features of this accounting standard are its overall requirement governing the minimum allowable presentation of financial statements (rather than specific measurement, recognition and disclosure requirements) and compatibility with released previous period information on what is assumed to be an annual basis.

To ensure compliance in the preparation of financial statements, understanding implementation issues deriving from these overall requirements such as comparative information, materiality and aggregation, reclassification, and offsetting are crucial.

Requirements governing the presentation of financial statements change over time so to achieve continued compliance your accounting system must have a strong capability to adapt to required changes with minimal effort.

  

Expectations

An accounting system must able to meet continuing changing requirements in respect of presentation of financial statements and is critical to maintain timeliness and quality of financial information.

In addition, costs associated with each change can be great if your accounting system cannot offer the required infrastructure to facilitate the transformation of financial data and reports. Any speed improvement through adoption of software technology that reduces system waiting time and improves productivity at the cheapest deployment cost is vital.

  

Solutions

FESA Financial minimizes costs and times associated with implementations offering a dynamic approach supported by a sophisticated rules and query engine. Most importantly the processes of setting up financial reports are separated from data collection, data transformation and data storage. Any change in presentation of financial statements may not necessarily result in a change in all other processes and additionally the system is able to support concurrently different presentation scenarios.

  

Benefits

The system is able to follow continual and incremental changes in presentation requirements through the configuration of new processing rules and query formulas so that the useful life of the system can be greatly improved.