New systems interface and mapping changes when

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Unformatted text preview: stems New reports and calculations will be required to accommodate IFRS. Spreadsheets and models used by management as an integral part of the financial reporting process should be included when considering the required systems modifications. New systems interface and mapping changes When previous financial reporting standards did not require the use of a system or when the existing system is inadequate for IFRS reporting, it may be necessary to implement new software. When introducing new source systems and decommissioning old systems, interfaces may need to be changed or developed and there may be changes to existing mapping tables to the financial system. When separate reporting tools are used to generate the financial statements, mapping these tools will require updating to reflect changes in the chart of accounts. Action Modify: general ledger and other reporting systems to capture new or changed data; and work procedure documents. Create new accounts and delete accounts that are no longer required. Reconfigure existing software to enable accounting under IFRS (and parallel local GAAP if required). , Make amendments such as: new or changed calculations new or changed reports new models. Implement software in the form of a new software development project or select a package solution. Interfaces may be affected by: modifications made to existing systems the need to collect new data the timing and frequency of data transfer requirements. 2011 KPMG International Cooperative ("KPMG International"). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2011 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved. 24 Impact of IFRS: Oil and Gas Change Consolidation of entities Under IFRS, there is the potential for changes to the number and type of entities that need to be included in the group's consolidated financial statements. For example, the application of the concept of `control' may be different under IFRS (based on IFRS 10 Consolidated Financial Statements from 1 January 2013) and previous GAAP . Reporting packages Reporting packages may need to...
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This note was uploaded on 12/03/2012 for the course ACCOUNTING 102-1132 taught by Professor Accountinggroup during the Fall '11 term at Al-Quds University.

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