Automated Reporting of IFRS to GAAP
Automate the creation of IFRS and GAAP reports.
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Converting financial reports between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) in spreadsheets can be tedious and error-prone. Simplify the process with Prophix One Financial Consolidation and save significant time on mapping and reconciling differences in recognition, measurement, and disclosure requirements.
Starting with any IFRS report in Financial Consolidation, you can easily run a top-down sub-consolidation according to US GAAP by creating a sub-group one-time and consolidating. Prophix One enables the creation of a subgroup in mere seconds and allows you to pre-configure any journals required for sub-consolidation. Because the system enables the creation of different journal views based of journal types, you can easily filter out IFRS adjustments without having to manually eliminate them on a per-account basis.
From there, you can elect to partially or fully automate the application of GAAP principles with a series of batch adjustments. Since manual effort not only delays financial reporting but also increases the risk of inconsistencies, having a robust process in place eliminates risk of compliance issues or stakeholder miscommunication.
Financial Consolidation was designed by consolidators for consolidators to automate the conversion of IFRS to GAAP reports and vice versa. Improve timeliness and quality of financial disclosures, reduce the risk of audit penalties or reputational harm.
Transform a burdensome process into a seamless operation with an automated financial consolidation software and say goodbye to manual adjustments of revenue recognition, lease accounting, inventory valuation, and more.
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