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
IFRS presents substantial challenges to global organisations and any company with operations in multiple countries or in countries
which are adopting IFRS. xAssets helps companies to meet these challenges not only through established reporting across multiple books
but also we can accept each client's own interpretation of IFRS, GAAP and Tax books and implement those interpretations for the customers
through a short implementation project.
The financials and depreciation engine within xAssets Fixed Asset Management 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 have moved to IFRS on the 1st January 2011 and they now have to report IFRS and Canadian GAAP side-by-side.
xAssets can meet these requirements and follow each customers transition, rules interpretations
and reporting strategy with a short implementation project.
A description of IFRS requirements for US Corporations is here.
Although IFRS is in general not a strict requirement in the US, it makes sense to put flexible depreciation and asset accounting systems
in place which can meet the evolving requirements of IFRS and the changes in GAAP as the authorities attempt to align US GAAP to IFRS.
This aids potential foreign acquisition scenarios and the benefits of IFRS reporting can be gained even though the rules are not strictly enforced.
xAssets Financials and Depreciation engine is also capable of supporting all the conventions applied by US depreciation for tax book calculations.
We fully support MACRS, ACRS, ADS, ACE and AMT. We can apply straight line MACRS, GDS via table lookup or GDS calculated, and we support partial month,
mid month, whole of month, mid quarter, half year and any other conventions. These calculations can always be reported alongside GAAP, IFRS and other
UK companies face fewer challenges because UK GAAP is similar to IFRS (but not the same!). However companies must still look for differences in componentisation
requirements and there are potential differences in several areas including assets held for sale, treatment of asset impairment and revaluations,
plus deferred tax on revaluation gains.