INTERNATIONAL FINANCIAL REPORTING STANDARDS

Financial reporting is the basis for making correct and timely management decisions, as well as the introduction of modern standards of work and information exchange, for example, iXBRL

Financial reporting module

The CaseWare Financials module allows you to automatically create personalized financial statements based on information in working papers in accordance with International financial reporting standards. This flexible software combines everything you need to create financial statements, allows you to collaborate in real time on working papers files and make one-time adjustments that are transferred to all related documents.

Based on this module, three templates have been developed for working with financial reporting for banks, insurance companies, and ordinary businesses. Each has the ability to export all reports and notes to XBRL and iXBRL, which provides complete automation of collecting, generating and transmitting data on company performance to interested users.

iXBRL

iXBRL or eXtensible Business Reporting Language is a software standard that uses XML-based data tags, designed to improve the way financial information is transmitted. iXBRL is a means of communication and exchange of business information between business systems. These communications are based on descriptions in the taxonomy of metadata sets containing information about both individual reporting indicators and the relationships between them and other related elements of the taxonomy. The set of information intended for transmission or exchange is contained in the so- called iXBRL report.

Caseware Financials uses tags to identify each piece of financial data, which then allows it to be used programmatically using an iXBRL-compatible program. Allows you to easily transfer data between businesses. iXBRL is used by all G20 countries.

UNIVERSAL FINANCIAL REPORTING MODULE

CaseWare® Financials is designed to help users meet industry, regulatory, and financial reporting standards. It also allows you to customize financial statements to meet the needs of specific organizations. Presentation styles and formats are separate from content and can be set globally to ensure that each individual financial statement includes your organization’s standards.

Financials provides a large number of note formats and examples. The accountant is responsible for ensuring that the selected examples are modified for a specific organization to ensure that the necessary disclosure standards are met in your jurisdiction.

When working in the Financials template, the software can be used by two types of users. The first type is the author or author of the template, who sets up the content of the main template and repackages the template for distribution to the organization’s employees. The second type is a user or audit task Team that works with client files either directly in the template or includes documents from the template entered through the document library.

 

FINANCIAL STATEMENTS FOR INSURANCE COMPANIES

Insurance Financials is a modern solution for insurance companies in Ukraine. Automation of processes, simplified formation of financial statements when performing functional tasks are the priority tasks of this template. The main purpose is to generate business information of insurance companies for standardized presentation in electronic form and in iXBRL format.

The Insurance Financials template was developed based on the General CaseWare® Financials financial reporting module. Allows you to generate reports in ready-made templates without additional editing, perform reconciliation of forms with notes, which significantly reduces the time and minimizes the risk of non-compliance errors.

The new template contains the main reporting forms of Ukrainian companies, which have been transformed in accordance with the reporting requirements of insurance companies. In addition, additional reporting forms have been added (e.g. Actuarial report) submitted by the insurance company, which can also be imported in iXBRL format.

FINANCIAL STATEMENTS FOR BANKS

Banking Financials – template created specifically for Ukrainian banks according to International financial statements and Guidelines of the NBU. Allows you to automatically generate reports with relevant notes and disclosures, import analytical accounts to fill in detailed information, cross-check related indicators and totals, automatically round off (rounding), and create reporting presentation settings.

To facilitate the import of a large number of accounts, this template has an atomepping function that makes the process of generating source data for further work much easier.

You can use the Banking Financials template as standard or customize it to meet your organization ‘s requirements and repackage it for distribution to all end users. If you decide to customize the template, you can change the content to meet your company’s requirements and set how flexible users can change the company’s standards.

Existing financial statements and other information that the Bank is required to submit to the regulator can be converted to the iXBRL format and submitted to the financial information collection center. In addition, companies can share it to create consolidated statements.

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