IFRS and Dual accounting

For IFRS regulations, we need to have Dual accounting in Navision. This means, beside the normal local G/L accounts, there should exist a number of extra ‘Group accounts’ which should be kept outside the normal closing of booking periods (the bookings shouldn’t be part of the result for the local company).
We are thinking of two possible solutions:

  1. Extend the field ‘Income/Balance’ with two extra types: ‘Statistical Income Statement’ and ‘Statistical Balance Sheet’. The code responsible for closing periods should keep these extra accounts outside the calculation of the (local) result.
  2. Copy the local company to a second company yearly, and do the Group postings in this company.

Both solutions have their advantages and disadvantages. Does anyone has experience with this subject, or are there possible other solutions available?

We have several subsidiaries in Europe. They must report locally and to corporate.

We use the same accounts but different Global Dimension 1 codes to separate the postings.

Hi Jonathan,

Thanks for your reply. However, for fiscal reasons we would like to separate the postings. Besides, Globals 1 and 2 are already in use for other allocations.
We are thinking of a possible 3rd solution. We would create a dummy consolidation company in which we take the postings from the main company, and do the coporate postings in this dummy company only. The advantage would be that we do not need any customization, and Corporate reporting can take place in the dummy company, thus keeping it fully separate from the local postings and reporting.

Another possible solution would be to create these additional group accounts with a different general ledger numbering system, for example prefixed by 999’s. Then you create additional reporting based on your local accounts and/or group accounts.



Thanks John, that was also the first solution we thought of. And the easiest. I think, in the end we’ll stick to it [:D]

I have had this request a few times from clients, not often, but when its needed, its generally a critical requirement for that company.

The solution I used was actually to create a complete copuy of table 15 (G/L Account) and some substantial modifying of CU 12 to make all entries visible in both GLs. It was possible then to select that an entry would be visible in both or only one GL, it was also possible to use differnt reporting dates and financial years for each.

Any way, it was a lot of work, and a very nice solution, but if I had to do it again, I would do somethign much simpler. So the 999 accounts make good sense.