FRS Requires Many Changes to Software including: Changes to accounting processes, but more importantly, changes to the set up of computer systems; TORONTO, ON, July 02, 2009 /24-7PressRelease/ — IFRS Requires Many Changes to Software including:
Changes to accounting processes, but more importantly, changes to the set up of computer systems;
Changes to the corporate chart of accounts, the financial statement formats and many of the other accounting reports and supporting schedules that are produced regularly;
Set-up of alternate ledgers for every property, additional monthly journal entries and additional databases of supporting information;
Additional reconciliations between the current financial statements and the new IFRS statements to provide answers to auditors, analysts and management;
Customization to the software applications or at the very least, new financial reports to support the new standards;
Systems that provide answers quickly and allow us to drill down into the systems to see the specific entries and related documentation that were made to meet the IFRS standards.
A Little Time – A Lot of Work – Lynx Systems Can Help
Regardless of which system you use – Yardi, Intuit MRI, Spectra, J. D. Edwards, CTI or other – most companies will need help. Lynx Systems is experienced in the major systems and can assist you in this critical conversion. We have the expertise to make the changes to the reporting systems and the reports. We can help on the set-up and in some cases customize the systems to support the required changes. We need to work closely with your auditors and accountants to make the changes that they mandate.
Do understand what you need to do to prepare? A quick review of the financials of a major corporation will give you some idea of the scope of the changes necessary. Please note the two sets of financials and how dramatically different they are. Click here to see a live example.
Please call us to learn more about this critical issue. Remember, every real estate development and management company in Canada will need to address this issue over the next twelve months, and there is a limited supply of resources to help.
We look forward to assisting you in this endeavour.
President, B. Comm, CA
Lynx Systems Inc.
932 The East Mall, 3rd Floor
Toronto, Ont. M9B 6J9
Phone: (416) 622-5969 (LYNX) Ext 263
Lynx Web Site: http://www.lynxsystemsinc.com
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