IFRS

International Financial Reporting Standards

International Financial Reporting Standards (IFRS) is an international standard for publishing financial statements and has been used in EU countries since 2005. Standard has been created for the purpose of a system of harmonized accounting and where financial statements are comparable between organizations no matter of their national legislation and regulation. Finnish legislation requires the use of IFRS standards in all publicly listed organizations. Other organizations can choose whether to comply with the standard or not. IFRS standard was firs build to unify inner markets in European Union but today it has been recognized and adopted throughout the world. IFRS brings additional requirements for financial statements like equity calculations and segment reporting. IFRS emphasizes balance sheet statement and its value recognition models highlight the use of current value. The presentation according to IFRS is more detailed than before and it leaves less freedom of choice when it comes to balance sheet assets and thus strives to prevent speculation.

CCH Tagetik IFRS Solutions

CCH Tagetik combines all data and reports IFRS standards require into one unified solution. With CCH Tagetik you can get all the IFRS adjustments and reports in one Unified Solution and forget about traditional and expensive non-unified solution architectures. Performance platform gives finance and technology managers more time to focus on analysis, optimization and expanding business instead of them having to spend more time with figuring out how to manage their technology solutions.

CCH Tagetik IFRS 9 solution

On the 10th of July 2014 IASB (The International Standards Board) published the final version of IFRS 9 Financial Instruments standard which was first revealed in 2008. IFRS 9 was made to answer the needs to standardize the financial reporting of financial instruments so that financial crises like the one that started in year 2008 could be avoided in the future. The standard is also meant to make comparisons of financial statements compatible across the globe. CCH Tagetik IFRS 9 solution gives your enterprise the means to cope with the challenges – like saving the data, calculation logics, reporting and publishing information required by the IFRS 9 standard – efficiently and with ease. With CCH Tagetik IFRS 9 solution your enterprise can be sure that it complies with the requirements mandated by the standard.

CCH Tagetik IFRS 16 solution

With Tagetik IFRS 16 Lease Accounting solution, you can comply with the new IFRS 16 standard. CCH Tagetik IFRS 16 Lease Accounting offers automated solution, which lets you manage large amounts of data and its gathering, calculations and creation of reports and statements with ease. CCH Tagetik also supports other IFRS standards like IFRS 15, IFRS 16 and IFRS 17.

CCH Tagetik IFRS 17 solution

Because IFRS 17 will be mandatory part of insurance companies’ reporting requirements, it will influence operational costs, KPI figures and forecast reports. This means that insurance companies might have a difficult and expensive process of rebuilding financial managerial processes, solutions and workflows ahead. CCH Tagetik IFRS reporting software has an automated compliant solution with the expanding features (e.g. Solvency II). With CCH Tagetik IFRS 17 solution you can focus on your core business while relying on being compliant with regulations. CCH Tagetik offers a set of solutions (e.g. Solvency II, IFRS 9, IFRS 15, IFRS 16 and IFRS 17), which are available as a cloud based or an on-premise solution making sure, that in all circumstances your business remains its compliance.