What we shipped: reporting module releases

Major enhancements released in June include:

Income statement now extends to total comprehensive income

1. We ask you to identify your other comprehensive income accounts in our COA questionnaire, with additional attributes including whether the caption recycles to the income statement.

2. Based on the COA questionnaire and the information submitted as part of the reporting project, we compute total comprehensive income (TCI).

3. The split of profit after tax (PAT) and TCI between parent and non-controlling interests is fully automated as part of the income statement.

Associate accounting

1. We now have a separate section to manage associate accounting. Prior to the release, equity accounting could be achieved using our other-adjustments page and recording JEs for profit pick-up.

2. Based on user feedback, we created a separate section inside a project to manage associate accounting. The investor inputs details such as PAT and comprehensive income of the associate, and the tool automatically computes based on the investment percentage and posts the JE.

3. This process streamlines associate accounting: the user only needs to feed in the associate’s financial statement figures for the project period, without spending time on the computations.

Adding branches to the group structure

1. Corporate teams can now also add branches, including foreign-currency branches, to the group structure. All other features of subsidiaries, including user access and the ability to create separate reporting projects, are available to branches.

Consolidated trial balance

1. While our product produced consolidated financial statements which could be exported to Excel or presented in any format using our Excel plug-in, one requirement that kept coming up was for a consolidated TB that would also act as a reconciliation between the separate financial statements and the consolidation adjustments.

2. Effectively, the reconciliation from GL-level data at the subsidiary level plus consolidation adjustments needed to be presented in the form of a trial balance that could be linked to financial statement numbers without drilling through individual components. The way the TB is constructed also means the controllership function can complete a profit or equity reconciliation easily, without too much effort.