What is an IFRS Module?
An IFRS module is accounting software functionality designed to support International Financial Reporting Standards, the global accounting framework used in over 140 countries. This module provides structures, calculations, and reporting formats compliant with IFRS requirements, which often differ from GAAP.
Features include fair value measurements, impairment testing, lease accounting treatments, revenue recognition rules, and financial statement formats prescribed by IFRS. Multinational organizations particularly benefit from IFRS modules, enabling consistent reporting across jurisdictions.
These modules may operate alongside GAAP functionality for organizations requiring dual reporting. IFRS modules ensure compliance, support audit processes, and facilitate international business operations requiring standardized global financial reporting.
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