1 / 36

CaseWare User Group 2009: Advancements in IFRS and Software Best Practices

Explore the key developments and updates in CaseWare 2009 tailored for accounting professionals. This agenda covers the latest in IFRS, including insights on IFRS for SMEs and compliance with the Companies Act (2008). Learn about tools like Probe MMX, new financial statement templates, batch updating, and firm template setup. Gain practical tips and tricks to enhance your efficiency while drafting financial statements and ensure consistency across your practice. Join us for a forward-looking discussion on the future of CaseWare and IFRS.

gianna
Download Presentation

CaseWare User Group 2009: Advancements in IFRS and Software Best Practices

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CASEWARE 2009 User Group

  2. Agenda • Welcome • Disclosure Overview • What’s New CaseWare 2009 • Probe MMX • IFRS • IFRS for SMEs • Getting the most from CaseWare • Tips & Tricks • The Future - What’s Coming CaseWare User Group 2009

  3. Disclosure Overview CaseWare User Group 2009

  4. What accounting standards can I apply? • Companies Act, 2008 (Act 71 of 2008) • Full IFRS • Public accountability • IFRS for SMEs • Micro-GAAP CaseWare User Group 2009

  5. What is happening in IFRS? • First time application: • IFRS 3 • IAS 1 • Convergence project with US GAAP • New FRAMEWORK! • New financial instruments standard! • New leases standard! • New revenue standard! • New tax standard! Major principles underlying accounting! CaseWare User Group 2009

  6. IFRS for SMEs • Replaces Statement of GAAP for SMEs • More relief for preparer! • First time adoption – section 35 • What relief was provided? • Smoothing of leases • 2 year statement of financial position • No IFRS 7 and simplifications on basic financial instruments • Standard will remain consistent for a period of at least 3 years CaseWare User Group 2009

  7. Training and consultation requirements Cobus Grove 079 503 5791 cgrove@uj.ac.za CaseWare User Group 2009

  8. Probe MMX CaseWare User Group 2009

  9. Probe MMX (2010) • Redesign due to Clarity Statements • Standards More Onerous: Example ISA315 • Total Redesign • User Friendly • Easier to Comply CaseWare User Group 2009

  10. What’s New CaseWare 2009 CaseWare User Group 2009

  11. What’s new Financial Statement Templates 2009 • Names of Financial Statement Components • Terminology • Multiple column reporting • Smart Content • Statement of Comprehensive Income • Single or Two Statements • Cash Flow Statement • Batch update CaseWare User Group 2009

  12. Getting started with CaseWare 2009 CaseWare User Group 2009

  13. CaseWare 2009 Converting • Objective: • Convert ALL files to latest CaseWare Version • Convert/Update to latest CQS Template to ensure compliance • Which Method • Update or Conversion • File New from Existing • Do it better than last year & be more efficient. CaseWare User Group 2009

  14. File New From Existing 1 • Converting Prior Year Files • 2005 Template Series • 2004.5 Templates • 2003 Templates • 2001 Templates CaseWare User Group 2009

  15. Updating AFS 2 • Converting Prior Year Files • 2008.02.20 • 2008.02.04. • 2007.02.03 • 2006.01.02 • 2006.01.01 CaseWare User Group 2009

  16. Batch Updating 3 • New Batch Update Tool • Single Process • CaseWare Conversion • Update or Convert • Year End Close • Create Engagement File for the Next Year CaseWare User Group 2009

  17. Setting up a firm template CaseWare User Group 2009

  18. Setting up a Firm Template • Problem • AFS Format not according to Partner’s specifications. • Drafting AFS is time consuming. • Repetitiveness costs money. • Inconsistency • How to incorporate updated Firm Template into existing Files • Objective • Standardize AFS to ensure consistency. • Save as much time as possible when drafting. • Security (New Central Data Store) CaseWare User Group 2009

  19. Setting up a Firm Template • Solution • Create a Firm Template for entire practice (NEW Training Course) • Import Firm Settings into existing files. • Show Practice Name on all Automated Documents • Package & distribute Firm Template (Advanced) • Silent Install – No codes required (Advanced) • New Central Data Store (Users & Security) • Document Library Seminar 2009

  20. CaseWare Connector CaseWare User Group 2009

  21. CaseWare Connector 2009 • Problem • Manually update Excel & Word spreadsheets and documents. • Inconsistent Excel schedules & recons. • Objective • All supporting schedules & recons automatically update. • Consistent working papers • Accuracy • Time saving CaseWare User Group 2009

  22. Working in CaseWare CaseWare User Group 2009

  23. Working in CaseWare Preparing an Electronic File: • Enabling 3 Column Automated Documents in IFRS Template (New) • Annotation Toolbar & Printing of Tickmark Legends • Scanning Documents • Emails in CaseWare • View Journals as Dr/Cr • Export adjustments • Batch Export PDF CaseWare User Group 2009

  24. Working in CaseWare Reviewing an Electronic File: • View All Notes on Automated Documents • Compare Function • Auto Compare Automatic Documents • Compare CaseView Documents • Issues • Lockdown of Files (ISA 230R) CaseWare User Group 2009

  25. Drafting Financial Statements CaseWare User Group 2009

  26. Frequently Asked Support Queries • Prior Year Figures Disappear • Audit Report Missing • Dates in the AFS • Displays 1900 • Duplicates 2009 on BS/IS/CF • Additional Mapping Numbers (Directors & Loans) • Income Statement out by R1 • Entities Missing / Financials are Blank / Director’s only show ‘s • Page Breaks • Change Margins in AFS CaseWare User Group 2009

  27. Financial Statements Existing Features: • F5 Navigation • Standards & Interpretations Note • Justification & Paragraph Indent (Show on Provisions Note) • Page Breaks between 2 Input Paragraphs CaseWare User Group 2009

  28. Financial Statements New Features: • Multi Column Reporting (3 & 6 Columns) • Statement of Comprehensive Income • 2 Statement or Single Statement Approach • New Note: Other Comprehensive Income • Document Map • Cash Flow Statement • Finance Cost & Interest Income • Automation of Business Combinations Note • Smart Content (PPE Note) CaseWare User Group 2009

  29. Financial Statements New Features: • Turning on additional columns Column set-up • Drill down to multi years • Smart Content • Turning on 3 years for lead sheets • New Cash Flow Settings & Format • Standards & Interpretations CaseWare User Group 2009

  30. Next Step • Search CQS Knowledge Base • A new CaseWare Champion Course 2010 • Firm Template, Packaging, Silent Install, Batch Convert, Data Store • JIT Courses • Consolidation • Firm Template, • What’s New 2009 CaseWare User Group 2009

  31. CASEWARE CaseWare User Group 2009

  32. what’s coming CaseWare User Group 2009

  33. What’s Coming • Release Dates • All templates to start start shipping this month • CaseWare Time SQL • Web Time Sheets • CaseWare IT14 TaxPack Integration with TaxWare / e-fling • New SecWare Version • March 2010 BackOffice User Group CaseWare User Group 2009

  34. CaseWare User Group 2009

  35. CaseWare User Group 2009

  36. CaseWare User Group 2009

More Related