Preparing for an IFRS audit
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
When undergoing an IFRS audit, make sure to have people available to the auditors who are experienced with journal entries, fixed assets, revenue recognition, entities and sites, financial instruments, currency, cash flow statements, hedging (spot rates), related parties, revenue from contracts, and your company procedures. Use the information listed as a guideline to help you prepare for your audit. Be prepared to answer the auditor’s questions and show him or her what they want to know.
| IFRS Number | Area |
|---|---|
| 0 | Test data and CSI 10 must be representative for the version to be certified. To get the version of CSI 10, choose Help>About Infor CloudSuite Industrial. Be prepared to show and explain test data. |
| 1 | Journal Entries |
| 2-9 | Fixed Assets |
| 10-15 | Revenue Recognition |
| 16-20 | Consolidation |
| 21-22 | Segment Reporting |
| 23-26 | Financial Instruments |
| 27-30 | Currency |
| 31-32 | Cash Flow statement |
| 33 | Hedging (spot rates) |
| 34 | Related Parties |
| 35 | Revenue from Contracts |
| 36-39 | Revenue Recognition |