Spreadsheet solutions in line with IFRS 7
IFRS 7 as the short for International Financial Reporting Standard, which made its debut at the start of 2007, is the most significant development in financial audit reporting since IAS39. IFRS 7 does not only apply to the banking sector as many mistakenly believe, but also governs financial reporting of all entities that have financial instruments such as accounts payable.
It also sets the standard for disclosure of objectives and policies utilized in managerial capital. Greater transparency is thus required about the risks faced by companies as the result of the usage of their financial instruments. It is applicable to all entities which make use of financial instruments for the financial year which started at 1 January 2007.
The new standard provides the marketplace with additional insight into an entity’s financial assets. In addition the liabilities of the entity as well as any financial risks are also now more transparent to the marketplace.
Full adherence to IFRS 7
It is a replacement of the IAS30 and IAS32 requirements. Adherence to the new accounting standard can be difficult for companies which did not keep track of information required in the past. Adequate software such as Excel with its powerful features should be used while an auditing software package such as Spreadsheet Professional will greatly enhance the accuracy and error reporting on the spreadsheets. It is also extremely important that the personnel using these software tools are well trained and understand the requirements of the new standard.
As such, Miricle Solutions provides training in spreadsheet solutions to help entities adhere to the new international financial accounting standards. In addition, powerful tools such as Spreadsheet Professional can be obtained through us. Make sure your company complies with IFRS 7. Contact us for more information on training and spreadsheet solutions.