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Harmonising financial reporting and compliance Finding the balance between financial reporting and compliance across multiple jurisdictions, while trying to comply to global standards such US GAAP and IFRS with local tax regimes and regulatory requirements without overburdening local teams can be such a huge task for many organisations.
Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place. All the data you need is captured in real-time for improved financial forecasting, reporting, and planning accuracy.
For leasing, this means International Accounting Standards Board’s (IASB’s) IFRS 16 and US GAAP Financial Accounting Standards Board’s (FASB’s) ASC 842. For revenue recognition, they also must comply with ASC 606 and IFRS 15.
Within the Five-Step model, Step 4 of ASC 606 and IFRS 15 requires an allocation of the total consideration in a contract, which your company is entitled to collect for each distinct performance obligation. Standalone Selling Price: What is SSP, why is it needed, and how is it determined?
With the pending release of ChatGPT plugins that can do everything from browse the internet to write computer code, an array of additional functionalities such as real-time analytics, advanced forecasting, and intelligent customer service are coming in the very near future. With a large and diverse enough data set (e.g.
With the pending release of ChatGPT plugins that can do everything from browse the internet to write computer code, an array of additional functionalities such as real-time analytics, advanced forecasting, and intelligent customer service are coming in the very near future. With a large and diverse enough data set (e.g.
Not being compliant with US GAAP or IFRS. Most cloud-based applications are part of an integrated suite that supports budgeting, planning, forecasting, financial consolidation, reporting and analysis of the business. Challenges in consolidating multiple spreadsheets and correcting errors. Lack of controls and audit trails.
Orchestrating and managing a rolling forecast process. What-if modeling of different financial or operational scenarios (M&As, reorganizations, new product or market entry, long-range planning, cash flow forecasting, etc.). These customers are able to: Reduce planning and forecasting cycles by up to 50%. Enterprise modeling.
Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)-compliant, so you can focus on what matters—telling your company’s financial story. With Planful, you can save hours of your finance team’s time each cycle and provide accurate forecasting for your shareholders in minutes.
Almost in parallel, accounting as a profession found its footing and worked on creating rules that would apply to reporting, at least at publicly traded companies, with GAAP (Generally Accepted Accounting Principles) making its appearance in 1933.
Finance professionals and teams today have numerous solutions available to help them plan, budget, forecast, and analyze financial information. OnPlan is a financial modeling and forecasting tool built by financial planners and analysts. Budgeting and rolling forecasts, as well as what-if scenario planning. Key features.
Compliance: Adherence to accounting standards and regulations, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Data Visualization: Graphs, charts, and visual representations of financial data to help users better understand trends, patterns, and insights.
IFRS, US GAAP). Is there a significant difference between US GAAP and IFRS , or are we just being a bit too conservative here in South Africa? We also build forecasts and automate analytical systems for companies. The interview highlights how companies that invest more in intangible assets (e.g.,
For instance, I have always computed the present value of lease commitments in future years and treated that value as debt, a practice that IFRS and GAAP have adopted in 2019, but that computation requires explicit disclosures of lease commitments in future years.
The company’s CBAM obligations and purchased certificates have to be accounted for in accordance with global accounting standards like the IFRS or US GAAP. Forecast CBAM impact and budget for compliance The purchase of CBAM certificates carries a significant financial impact.
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