Increasing complexity often goes along with increasing size and scope of a business. When a business increases in its complexity, the number and complexity of regulatory requirements continues to increase, jeopardising organisational agility and business growth. This is particularly the case with finance reporting. AX 2012 R3 and the wider Dynamics platform can be used to handle this complexity, streamlining the reports that the end user receives. Here are some of the ways AX 2012 R3 supports international financial reporting standards.
- Improving standards
As far as we know, 12,000 companies have signed up to the finance standards regulations. This is likely because they’re a great form of global regulation. IFRS and accounting determinations are replacing many different national accounting standards to maintain consistency and comparability for global investors. If you’d like to know how your business can improve its standards, consult PricewaterhouseCoopers LLP’s and Microsoft’s white paper.
- Seeking help
Implementing compliance to the international standards is a tough challenge for business around the world. Thankfully, the compliance and audit features in Dynamics AX help to enforce compliance consistently and cheaply, ultimately improving efficiency across the platform.
- Charts, calendars and currencies
There are plenty of features in AX that make it easy to regulate compliance. For example, you can share any number of charts of accounts, fiscal calendars, and currencies.
In Dynamics AX, the general ledger for a company or legal entity defines a combination of a specific chart of accounts, a fiscal calendar, and the functional and reporting currency. If companies operate overseas, or have overseas subsidiaries, branches or associates that maintain their accounting records in their local currency, AX 2012 R3 has a feature that translates foreign currencies into the functioning currency to make things simple.
International Financial Reporting Standards aren’t always the simplest things to understand or implement, but the new additions to Dynamics AX 2012 R3 make it the perfect solution for doing just that.