Caseware Financials. Automation of financial reporting. IFRS. iXBRL taxonomy

Preparing financial statements is a rather time-consuming process for any company, regardless of its size or specifics of activity. The main difficulty lies in the implementation of checks, maintaining constant monitoring of indicators and, if they change, making adjustments that affect other related reports and notes. Especially if it concerns separate and consolidated financial statements or several separate  statements of the Group of Companies.

About the software

Caseware companie for the preparation financial reporting solution allows users to create annual, semi-annual, quarterly interim reports. Full integration with IFRS financial statements allows companies to unify the preparation process, using a single source of data and a single solution for preparing both interim and annual reports.

The module allows companies to use existing reporting templates developed on the basis of international practices, or make their own settings in accordance with the specifics of the area in which the company operates.

At the moment, companies are faced with the task of preparing not only their usual financial reporting format, but also reporting in the iXBRL format.  Solution Caseware company for the preparation financial reporting  allows you to simplify the filing procedures and prepare only one set of financial statements, which can be published with an independent auditor’s report and submitted to the  FINANCIAL REPORTING SYSTEM FRS GOV UA in a single iXBRL electronic format

All settings or changes that users make are saved in the template and can be used to prepare financial statements for the next reporting periods. All users need to do for the next period is to import data for the current period and correct the information text block.

Watch the video for an introduction:

Available software modules

Three modules are available for working with financial statements: for ordinary enterprises, for banks and for insurance companies. If the Group of Companies includes companies with different types of activities, then the modules can be used simultaneously. All modules have the same set of features and capabilities, which differ only in the content and tags of the respective taxonomy. If necessary, companies can create their own sets of reports in working papers, which are fixed on the basis of already imported data. For example, these can be statistical reports or management reports. Thus, the Caseware OS solution allows you not to duplicate workflows for the preparation of various reporting formats,  helps but to set up automated processes that will do this instead of employees

About services

Caseware Ukraine provides two types of services:

  1. outsourcing for the preparation of iXBRL financial statements prepared on the basis of the UA XBRL IFRS Taxonomy. Reporting is generated in Caseware Financials software, more details of which can be found at the link, and as much as possible corresponds to the existing statements approved by the auditors. The report is additionally validated using Altova XMLSpy software. When ordering this service, users do not purchase software. You can order either annual reporting together with quarterly, or only annual reporting
  2. consulting services on the use of Caseware Financials software. Here you can  a different format of services that fully meet the needs of users. The greatest demand is for complex services of two formats:
  • One-time service for the preparation of reports with training and subsequent purchase of software.

In this case, in the first year of using the software, Caseware Ukraine prepares the first package of financial statements and sets up a template for preparing subsequent reports for the user and at the same time trains him to work in the software, advises on emerging issues.

  • One-time service – setting up a financial reporting template for the Company’s goals with training.

In this case, Caseware Ukraine, at the request of users, makes changes to the existing financial statement template and trains users to use the software. After that, users form projects on their own.


What is the difference between a template and a project in Caseware Financials?

Financial statements is formed on the basis of a project template. Initially, you need to set up accounting policies, notes, tables and other report elements in order to simplify the scope of work with each subsequent draft. If a company prepares separate and consolidated reporting, or a group of companies at once prepares several reports of similar format, Caseware will greatly facilitate the work of preparing reports of such format, because users can once configure a report template with already configured iXBRL format and then distribute it to all other users or other companies.

How to place reporting on your own web page?

Caseware also offers the ability to export a document in HTML format using Inline XBRL. To the user, this document will behave like an HTML document and will be compatible with all popular web browser packages. However, be aware that if you want to embed it in HTML, they will have XBRL tags pre-installed, which can only be read by other Inline XBRL compliant software packages.

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