UFRS APPLICATION

CONSIFRS' procedures for converting legal records in Dynamics 365 F&O to IFRS

The module works on Microsoft D365 F&O ERP and receives the data required for conversion to IFRS from the system, if any. For the correction records to be determined by using non-system data, the correction records prepared by calculations made in Excel files are taken into the system and the correction records are moved to the system.

The module starts from legal records. For compliance and transformation to IFRS on the Records in the Legal Balance Sheet: Reclassifications, Netting and Adjustment Records are created by the system.

CONSIFRS prepares the Adjustment Records required by the IFRS Standards that the company needs to apply for compliance with IFRS, and the records generated by the system are made on the records in the Legal Balance Sheet with a correction slip containing all these records.

For the adjusting entries, a Working Paper is prepared and referenced for the Auditor to check according to the requirement.

A separate ledger is not kept. Therefore, there is no need to make a reversal in the previous period and make a reversal in the opening. These transactions are performed monthly or other periods as closing steps and IFRS Financial Statements are prepared.

A Reporting Set is provided to the Independent Auditor.

IFRS-compliant Financial Statements and Notes to the Financial Statements

Starting from the Statutory Trial Balance, there are columns for adjustment and correction records and a blank column for Audit Correction Records (AAJJE) that the Independent Auditor can suggest for errors, inaccuracies and assessment differences detected during the audit.

Audit Correction Records are mapped and imported as an Excel File and the IFRS Financial Statements and Footnotes prepared by the system are presented to the Independent Auditor.

The majority of the records to be organized for IFRS compliance in the system are made by entering data into the calculation tables processed into the system.

If some correction records are made in Excel tables outside, these records are either entered into the system as data or the calculations made in Excel-like tables are taken into the system and the calculations are transferred into the system.