Fixed Asset SAP B1 - IFRS Implementation Mr. Yusak Indra H SAP Business One & Be.as Consultant
Agenda• Solutions 1. Parallel Accounting Systems 2. Financial Template GAAP & IFRS 3. Depreciation Area 4. Activate Depreciation Area in Asset Class 5. Transactional Fixed Asset 2
1. Parallel Accounting System (1)Create different types of G/L accounts in the chart of accounts to support both local GAAP and IFRS-related postings. The chart of accounts can include three types of G/L accounts:• Local G/L accounts – for local GAAP purposes only• IFRS G/L accounts – for IFRS purposes only• Common G/L accounts – for both local GAAP and for IFRS purposes
1. Parallel Accounting System (2)Recommendation :Use different G/L account codes and/or names to indicate the type of G/L account.Example :41100 – Sales Revenue – DomesticIFRS – 41110 – Sales Revenue – DomesticLocal – 41120 – Sales Revenue – DomesticRemarks : Use user define field (UDF)GAAP AccountIFRS Account
2. Financial Report Template for GAAP & IFRS (1)Create financial report template for financial report GAAP & IFRS version.Remarks :Financial report template SAP B1 are available to several reports, there are :a. Balance Sheet Reportb. Profit & Loss Reportc. Trial Balance Reportd. FA History Reporte. Statement of Cast Flows SAP B1 Financial Report Template
2. Financial Report Template for GAAP & IFRS (2)Impact :User can display standard SAP B1 financial reports in GAAP & IFRS version. Example :
3. Depreciation AreaDefine depreciation area for GAAP & IFRS version.• Depreciation Area 100 : IFRS version• Depreciation Area 200 : GAAP versionBelow is the screen capture of depreciation area :
4. Activate Depreciation Area in Asset ClassActivate depreciation area in asset class.Activate depreciation area in asset class, so the depreciation process can be proceed either onDepreciation area 100 & 200.
5. Transactional Fixed Asset (1)Bellow are the transactional and journal which are created on fixed asset module :
5. Transactional Fixed Asset (2)All of the journal transaction are automatically created on depreciation area 100 (GAAP version),But on for depreciation area 200 (IFRS version), journal must be created manually *) .*) For depreciation area 200 accounting journal can be created automatically using development SAP B1 Add-on.