The financials engine offers flexibility to implement depreciation calculations
based on any mathematical formula or computer program.
IFRS and US GAAP, US Tax, UK GAAP and Canadian GAAP
xAssets helps businesses implement IFRS (International Financial Reporting Standards) through
multi-book reporting combined with a deeply configurable
asset accounting and depreciation calculation engine.
We meet each client’s specific interpretations of IFRS, GAAP, and tax regulations,
and implement them through a brief implementation project.
Our financial and depreciation engine can be customized to handle any requirements
surrounding international asset accounting, IFRS, GAAP, and tax calculations.
The system is designed with the flexibility, scalability,
and stability required to meet the needs of mid-sized and large enterprises, but is also used by smaller companies worldwide.
The financials and depreciation engine can be configured to meet any requirements
surrounding International Asset Accounting, IFRS, GAAP and Tax calculations,
and has the configuration capability, scalability and
stability to meet the needs of mid sized and large enterprises.
Canadian Companies
Canadian companies transitioned to IFRS on January 1, 2011,
and now must report under both IFRS and Canadian GAAP.
xAssets fully supports this dual reporting requirement by using two accounting books, and by adapting to each customer’s transition,
interpretation of the rules, and reporting strategies through a streamlined implementation process.
US Corporations
A description of IFRS requirements for US Corporations is
here.
While IFRS is not (yet) a strict requirement in the United States,
it is advisable for companies to implement flexible depreciation and asset accounting systems that
can adapt to the evolving alignment between US GAAP and IFRS.
This flexibility is also beneficial in cases of potential foreign acquisitions,
and companies can realize the advantages of IFRS reporting even though formal compliance may not be enforced.
xAssets’ Financials and Depreciation engine is capable of handling all US depreciation methods required for tax calculations.
We support MACRS, ACRS, ADS, ACE, and AMT, and can apply straight-line MACRS, GDS via table lookup or calculation,
as well as conventions such as partial month, mid-month, whole month, mid-quarter, half-year, and more.
These tax calculations can be reported alongside GAAP, IFRS, and other accounting books.
UK Companies
UK companies face fewer challenges when adopting IFRS, as UK GAAP shares similarities with IFRS (though they are not identical).
However, companies still need to assess differences, such as componentization requirements,
and variations in areas like assets held for sale, asset impairment, revaluation treatments, and deferred tax on revaluation gains.
Operating two accounting books in parallel within xAssets allows UK companies to report under both UK GAAP and IFRS.