Microsoft Dynamics AX 2012 R3 Support for International Financial Reporting Standards (IFRS)
In my conversations with business leaders and finance executives, many of them shared that they are planning and anticipating growth.
Whether they plan to expand domestically, internationally or both, it often results in increased complexity and competitive nature of their business environments, requiring them to use available resources more efficiently and effectively.
At the same time, the number and complexity of regulatory requirements continues to increase. Performance expectations, increasing stakeholder demands, and changing market conditions are forcing business leaders to search for cost-effective ways to enforce compliance adoption without jeopardizing organizational agility and business growth.
Microsoft Dynamics AX can help address the change and complexity involved in meeting compliance regulations as a result of globalization.
International Reporting Standards – a global standard format
In order to maintain consistency and comparability of reporting financial results of global organizations, International Reporting Standards (IFRS) have been designed and implemented across the world as a standard format for companies to report their financial results in an easily understandable and comparable nature.
The globalization of business and finance has led to the adoption of the standards by more than 12,000 companies. IFRS and accounting determinations are replacing many different national accounting standards to maintain consistency and comparability for global investors.
PricewaterhouseCoopers LLP and Microsoft developed a white paper together to explain how Microsoft Dynamics AX can help organizations appropriately use and apply the IFRS.
Microsoft Dynamics AX Support for IFRS white paper
Microsoft Dynamics AX helps organizations with compliance initiatives
While the dimensions of IFRS and Sarbanes-Oxley are far reaching and can be complicated, we’ve built Microsoft Dynamics AX to help organizations meet these obligations. The compliance and audit features offer a way to enforce compliance in a consistent, cost-effective way, while streamlining business processes and improving efficiency across the organization.
Other capabilities that can help organizations support their compliance initiatives are the ability to define and share any number of chart of accounts, fiscal calendars, and currencies. In Microsoft Dynamics AX the general ledger for a company or legal entity defines a combination of a specific chart of accounts, a fiscal calendar, and the functional and reporting currency. For organizations that have foreign operations, for example, overseas subsidiaries, branches or associates that maintain their accounting records in their local currency Microsoft Dynamics AX 2012 supports expressing foreign currency transactions in the entity’s functional currency.
I’m happy to share the Microsoft Dynamics AX 2012 R3 Support for International Financial Reporting Standards (IFRS) white paper with you today. For more information please visit:
- International Financial Reporting Standards and Microsoft Dynamics AX web page (requires Partner Source/Customer Source access)
- Microsoft Dynamics AX 2012 R3 launch page
Senior Product Marketing Manager, Microsoft Dynamics ERP