IFRS conversion and consolidation module for Dynamics 365 F&O

The IFRS system refers to the same system as International Financial Reporting Standards. It primarily serves to enable firms in different countries to compare their financial reports with each other.

This system also facilitates firms that have invested in different countries to track their investments and review financial reports.

The IFRS module works through Microsoft D365 F&O ERP and obtains the necessary data from the system to convert to IFRS. Correction entries identified using external data are prepared with calculations carried out in Microsoft Excel files, and these entries are imported into the system.

Dynamics 365 F&O

Microsoft Dynamics 365 F&O can be introduced as next-generation intelligent business applications in the cloud. The system combines Customer Relationship Management and Enterprise Resource Planning capabilities to provide applications that ease business processes.

Dynamics 365 F&O is designed to be open to customization. It aims to provide users with greater productivity, more detailed analysis, and more harmonious working environments. It allows the acceleration of digital transformation within companies to meet changing customer requirements.

The final point where CRM and ERP services meet is Dynamics 365. CRM and ERP are offered as separate product groups and are tailored to requirements.

IFRS Conversion for Dynamics 365 F&O

The IFRS conversion for Dynamics 365 F&O brings many advantages. It consolidates financial data from companies in different countries and legal structures into a single report. It also supports the necessary conversion processes to be able to report according to IFRS standards.

This helps in arranging financial statements according to IFRS criteria. Additionally, it automates the conversion processes required for transitioning from local accounting standards to IFRS. This reduces the necessary time and minimizes the margin of error.

The IFRS module does not maintain a separate ledger. Therefore, there is no need for reversals during the opening by making previous period adjustments. These operations are carried out at month-end or other periods as closing steps, preparing IFRS Financial Statements.

IFRS Solutions for Dynamics 365 F&O

The integration of the IFRS system with Dynamics 365 provides various reporting tools to allow users to easily prepare reports. It also meets the needs of international businesses by performing transactions in different languages and currencies.

By integrating with other Dynamics 365 modules, it allows for efficient management of every financial process. The IFRS module makes companies' financial reporting processes more transparent and efficient, allowing for healthier insights.

With Consifrs, you can prepare the correction entries required by the IFRS standards that your company needs to apply, using data within the system or data prepared externally. By using a correction voucher containing all these entries, you can achieve conversion to IFRS by making the system-generated entries on the legal trial balance.

In addition, we prepare and reference a Working Paper in a format that can be audited by an Auditor for correction entries as needed.