DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

IFRS Standards


#1

Could you please let me know if Manager can generate TB as per IFRS Classification from 1 to 7?
For example it should be class 1 as Capital, 2 as Assets etc…


#2

Please break the code. What does “TB” refer to?


#3

Trial Balance, basically i want to know again if IFRS is supported here or only the GAP.
If yes it is supported how to activate it.


#4

Hi @etienne13 Manager is designed in a way that it can be used in different accounting jurisdictions/standards. you can create a classified Statement of Financial Position and multi-step Statement of Profit or loss to present the Financial statement under IFRS standards

Classified Balance sheet

Multi-step Income Statement

Maybe in the future presentation options will be available in manager and then you could just select FASB or IFRS and present them like that but i really think Multistep and Classified Statements can do the trick.


#5

Thanks Abeiku,

Do you have any idea if we can do it like the below for example?

Account Act #
Assets 1.0.0
Property, Plant And Equipment 1.1.0
Land And Buildings 1.1.1
Machinery And Equipment 1.1.2
Vehicles 1.1.3
Fixtures And Fittings 1.1.4
Exploration And Evaluation Assets 1.1.5
Additional Property, Plant And Equipment 1.1.6
Accumulated Depreciation 1.1.7
Construction In Progress 1.1.8
Investment Property 1.2.0

This is only an example and can go up to 7 digits depending on the level of details we want to go.


#6

Lubos the creator has promised of custom control accounts and custom sub-ledgers/accounts by the end of this month so when that arrives you can create various sub accounts under various control account/groups (not sure the level of steps the subledger function will have)

But basically Classified Balance sheet gives you an option to create as many asset groups you want under assets, give them any name you want and direct accounts/ledgers into them. You can also number the groups to tell manager what position to put a group, it only the accounts that you cant number for now (I wish I could Arrange my Current asset from the least Liquid to the Highest). The only problem is that manager will display all the accounts, i.e, you cannot collapse them to show only the balances as per the groups, but like I said earlier the custom groups and sub ledgers will solve this.

Also Manager Balance Sheet equation is A-L=C (which shows Net Assets) you can’t change to A=C+L which is preferable by many companies using IFRS. Both are all accepted though