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Excel Financial Statement Templates

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					CASEWARE
2009 User Group
Agenda
• Welcome
• Disclosure Overview
• What’s New CaseWare 2009
   – Probe MMX
   – IFRS
   – IFRS for SMEs
• Getting the most from CaseWare
   – Tips & Tricks
• The Future - What’s Coming



                     CaseWare User Group 2009
Disclosure Overview




      CaseWare User Group 2009
What accounting standards can I apply?

• Companies Act, 2008 (Act 71 of 2008)
   – Full IFRS
      • Public accountability
   – IFRS for SMEs
   – Micro-GAAP




                                CaseWare User Group 2009
What is happening in IFRS?

• First time application:
   – IFRS 3
   – IAS 1
• Convergence project with US GAAP
   –   New FRAMEWORK!
   –   New financial instruments standard!
                                                      Major principles
   –   New leases standard!                             underlying
   –   New revenue standard!                           accounting!
   –   New tax standard!



                           CaseWare User Group 2009
IFRS for SMEs

• Replaces Statement of GAAP for SMEs
   – More relief for preparer!
• First time adoption – section 35
• What relief was provided?
   –   Smoothing of leases
   –   2 year statement of financial position
   –   No IFRS 7 and simplifications on basic financial instruments
   –   Standard will remain consistent for a period of at least 3 years




                            CaseWare User Group 2009
Training and consultation requirements


            Cobus Grove
               079 503 5791
               cgrove@uj.ac.za




                  CaseWare User Group 2009
Probe MMX




 CaseWare User Group 2009
Probe MMX (2010)

• Redesign due to Clarity Statements
• Standards More Onerous: Example ISA315
       Effect of Clarity Project       Before             After
       Bold Paragraphs                   23                33
       Paragraphs                       124               163
       Pages                             34                44

• Total Redesign
   – User Friendly
   – Easier to Comply



                               CaseWare User Group 2009
What’s New CaseWare
        2009




      CaseWare User Group 2009
What’s new Financial Statement Templates 2009

•   Names of Financial Statement Components
•   Terminology
•   Multiple column reporting
•   Smart Content
•   Statement of Comprehensive Income
    – Single or Two Statements
• Cash Flow Statement
• Batch update


                         CaseWare User Group 2009
Getting started with
 CaseWare 2009



      CaseWare User Group 2009
CaseWare 2009 Converting

• Objective:
   – Convert ALL files to latest CaseWare Version
   – Convert/Update to latest CQS Template to ensure compliance
• Which Method
   – Update or Conversion
   – File New from Existing
• Do it better than last year & be more efficient.




                         CaseWare User Group 2009
  1          File New From Existing

• Converting Prior Year Files
   –   2005 Template Series
   –   2004.5 Templates
   –   2003 Templates
   –   2001 Templates




                          CaseWare User Group 2009
  2          Updating AFS

• Converting Prior Year Files
   –   2008.02.20
   –   2008.02.04.
   –   2007.02.03
   –   2006.01.02
   –   2006.01.01




                       CaseWare User Group 2009
  3         Batch Updating

• New Batch Update Tool
• Single Process
   –   CaseWare Conversion
   –   Update or Convert
   –   Year End Close
   –   Create Engagement File for the Next Year




                           CaseWare User Group 2009
Setting up a firm
    template



      CaseWare User Group 2009
Setting up a Firm Template

• Problem
  –   AFS Format not according to Partner’s specifications.
  –   Drafting AFS is time consuming.
  –   Repetitiveness costs money.
  –   Inconsistency
  –   How to incorporate updated Firm Template into existing Files

• Objective
  – Standardize AFS to ensure consistency.
  – Save as much time as possible when drafting.
  – Security (New Central Data Store)
                          CaseWare User Group 2009
Setting up a Firm Template

• Solution
  -   Create a Firm Template for entire practice (NEW Training Course)
  -   Import Firm Settings into existing files.
  -   Show Practice Name on all Automated Documents
  -   Package & distribute Firm Template (Advanced)
  -   Silent Install – No codes required (Advanced)
  -   New Central Data Store (Users & Security)
  -   Document Library




                               Seminar 2009
CaseWare
Connector



  CaseWare User Group 2009
CaseWare Connector 2009

• Problem
  – Manually update Excel & Word spreadsheets and documents.
  – Inconsistent Excel schedules & recons.


• Objective
  -   All supporting schedules & recons automatically update.
  -   Consistent working papers
  -   Accuracy
  -   Time saving


                         CaseWare User Group 2009
Working in
CaseWare



  CaseWare User Group 2009
Working in CaseWare
Preparing an Electronic File:
• Enabling 3 Column Automated Documents in IFRS Template (New)
• Annotation Toolbar & Printing of Tickmark Legends
• Scanning Documents
• Emails in CaseWare
• View Journals as Dr/Cr
• Export adjustments
• Batch Export PDF




                        CaseWare User Group 2009
Working in CaseWare

Reviewing an Electronic File:
• View All Notes on Automated Documents
• Compare Function
   – Auto Compare Automatic Documents
   – Compare CaseView Documents
• Issues
• Lockdown of Files (ISA 230R)




                          CaseWare User Group 2009
Drafting Financial
   Statements



      CaseWare User Group 2009
Frequently Asked Support Queries

• Prior Year Figures Disappear
• Audit Report Missing
• Dates in the AFS
    – Displays 1900
    – Duplicates 2009 on BS/IS/CF
•   Additional Mapping Numbers (Directors & Loans)
•   Income Statement out by R1
•   Entities Missing / Financials are Blank / Director’s only show ‘s
•   Page Breaks
•   Change Margins in AFS
                         CaseWare User Group 2009
Financial Statements

Existing Features:
• F5 Navigation
• Standards & Interpretations Note
• Justification & Paragraph Indent (Show on Provisions Note)
• Page Breaks between 2 Input Paragraphs




                      CaseWare User Group 2009
Financial Statements

New Features:
• Multi Column Reporting (3 & 6 Columns)
• Statement of Comprehensive Income
   – 2 Statement or Single Statement Approach
   – New Note: Other Comprehensive Income
• Document Map
• Cash Flow Statement
   – Finance Cost & Interest Income
   – Automation of Business Combinations Note
• Smart Content (PPE Note)
                        CaseWare User Group 2009
Financial Statements

New Features:
• Turning on additional columns Column set-up
• Drill down to multi years
• Smart Content
• Turning on 3 years for lead sheets
• New Cash Flow Settings & Format
• Standards & Interpretations




                      CaseWare User Group 2009
Next Step

• Search CQS Knowledge Base
• A new CaseWare Champion Course 2010
   – Firm Template, Packaging, Silent Install, Batch Convert, Data Store
• JIT Courses
   – Consolidation
   – Firm Template,
   – What’s New 2009




                          CaseWare User Group 2009
                           CASEWARE




CaseWare User Group 2009
what’s
coming



         CaseWare User Group 2009
What’s Coming

• Release Dates
   – All templates to start start shipping this month
• CaseWare Time SQL
   – Web Time Sheets
• CaseWare IT14 TaxPack Integration with TaxWare / e-fling
• New SecWare Version
• March 2010 BackOffice User Group




                           CaseWare User Group 2009
CaseWare User Group 2009
CaseWare User Group 2009
CaseWare User Group 2009

				
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