With International Financial Reporting Standard (IFRS) 9, promulgated by the International Accounting Standards Board (IASB), now in effect, CaseWare Africa has taken the lead in simplifying and automating IFRS9 compliant reporting.
According to Angela van Tonder, CaseWare Africa content partner and director of Rite Idea Financial Training, IFRS9 came into effect on 1 January 2018, replacing the IAS 39 Financial Instruments.
“This has changed the way in which entities classify and measure financial assets, financial liabilities, and certain contracts to buy or sell non-financial items,” she says. “IFRS provides a common global language for business affairs that is designed to improve financial transparency by bringing consistency to company accounts.
“While IFRS9 has been in the pipeline for some years and catches nobody by surprise, its implementation does mean changes and additional work for many entities. And for some, it could mean more than a little confusion.”
She adds that the good news is that as part of an ongoing campaign to automate and simplify reporting in line with what customers need CaseWare has invested significant resources in upgrading and enhancing its software to make IFRS9 compliance simpler.
“As the leaders in compliance, with over 20,000 users on the African continent alone, we go to great lengths to engage with our customers to understand what they need to increase efficiency and ensure accuracy and compliance. Along with our product upgrades to automate and simplify overall reporting, we’re excited to introduce ground-breaking new IFRS9 tools that split out certain financial instruments and incorporate extensive guidance and enhancements to make IFRS9 compliant reporting as effortless as possible,” she says.
Entities harnessing the latest version of CaseWare and its reporting templates, will now enjoy immediately simplified reporting, with greater clarity on changes in the categorization of various financial instruments and new credit risk disclosure models.
“It’s all part of CaseWare’s mission to simplify and streamline systems, delivering greater control of the auditing process from start to finish, eliminating errors and making trusted compliance easier than ever.”