SMART IFRS

The Verkhovna Rada of Ukraine entered obligatory delivery of financial statements for public joint stock companies, banks and insurance companies according to international standards.

International Financial Reporting Standards (IFRS; IFRS engl. International Financial Reporting Standards) — a set of documents (standards and interpretations) regulating rules of a financial reporting preparation, necessary for external users for adoption of economic solutions by them concerning the enterprise.

The relevant bill provides that public joint stock company, banks, insurance and also the enterprises which work in the industries which list is defined by the government should hand over financial statements according to international standards. The government considers that it will increase confidence of investors as information on activity of the Ukrainian companies.

The solution SMART IFRS of SMART business company which allows to automate reporting according to requirements of International Financial Reporting Standards and financial accounting (IFRS/IFRS) and also according to requirements of national standards of Ukraine will be able to help with it to the Ukrainian companies.

The solution is developed on the Microsoft Dynamics ERP platform which completely conforms to requirements of Sarbanes-Oxley Act (SOX). This condition is obligatory at entry of the company into the largest international exchanges (for example, New York Stock Exchange).

In the solution SMART IFRS all necessary functionality for financial accounting, consolidation and reporting according to the IFRS/IFRS standards and national standards of Ukraine is implemented. Advantage of the SMART IFRS system is the fact that a system already contains all necessary charts of accounts, templates of data entry and adjustments, the powerful mechanism of consolidation of data from different sources, ready reports and notes according to requirements of the IFRS/IFRS.

At the expense of a common information space with the ERP system of Microsoft Dynamics ERP, use of SMART IFRS allows to reduce considerably labor input of technical work and to simplify work to specialists of the IFRS/IFRS of the reporting. The flexibility of a system allows to change easily existing and to create new reports according to new business needs. It will allow the companies to prepare the reporting of the IFRS/IFRS on a monthly basis.

The reporting created in the SMART IFRS system can always be printed and to print in the form in which require the IFRS/IFRS standards, including all forms of the reporting and note to financial statements.