IFRS and GAAP reporting - how do you record and report?

Forum|Forum|3 years ago
December 19, 2022
3 replies
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Hello!

Looking for some feedback on how your company records and reports on both IFRS and GAAP standards. Do you use a UD as a sort of data type to record adjustments where they differ between IFRS and GAAP? Or do you use different accounts with an alternate hierarchy? Or something different?

Interesting in hearing from anyone with any suggestions - thanks!

Best answer by Henning

Hi Nicole, customers typically use something like an Audit dimension (dedicated UD) for that. Most call it "Audit", though I Have seen "Nature" as well. Here is an example screenshot from Golfstream:

Each one I have seen is unique as each customer sets up members as required for their individual reporting.

H

Henning

Answer

OneStream Employee

Hi Nicole, customers typically use something like an Audit dimension (dedicated UD) for that. Most call it "Audit", though I Have seen "Nature" as well. Here is an example screenshot from Golfstream:

Each one I have seen is unique as each customer sets up members as required for their individual reporting.