Planning a Group Consolidation Implementation – The Definitive Top 15 Considerations

Consolidation Implementation – The definitive Checklist

For any Implementation planning is key, for any project planning is key. It is important to ensure that planning is thorough and at a detailed enough level that any specification is complete and unambiguous.

It is equally as important to be prepared for your planning workshops; to plan for your plan so to speak. To that end CFMS have compiled a definitive list of considerations that should be covered in the workshops to ensure that any specifications and plans produced are complete.

Follow on webinar – Streamline your Group Consolidation

24th November @ 11am

The do’s and don’ts when implementing any Consolidation system

Mike Potashnick, Implementation Director CFMS – 15mins

Demonstration – Infor d/EPM Consolidation

John Robson, d/EPM Evangelist, Infor – 20 mins

1 Translating local chart of Accounts to IFRS or IFRS2; Check the Mappings
2 Corporate Structure – Ownership and Control; Are these defined?
3 Corporate Structure – Full, Proportional and at Equity consolidation and elimination
4 Corporate Structure – Reporting Currencies
5 Currency Rates: Average Monthly, Weighted Average, Month Closing and Historic
6 Investment valuation of pre-acquisition reserves
7 How does the Financial System manage inter-co transactions; Is the Counterparty/Inter-Company Company recorded on all transactions?
8 Are the opening balances held in the finance system?
9 Revaluation Accounts P&L, Historic to Month Closing
10 Which GAAP does the Group come under and what adjustments are required for your industry?
11 Are there multiple GAAP reporting requirements for different countries?
12 How many reporting currencies are required?
13 Which Schedules are required to support the Financial Statements and where are the movement records held to support the Schedules?
14 Is the business required to produce segmental analysis for Statutory purposes?
15 How do you move from the Statutory Model to the final mile published result? How many changes are likely to be required?

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By |2020-11-10T15:50:48+00:00November 10th, 2020|News|