2009 user group
DESCRIPTION
C ASE W ARE. 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 . Disclosure Overview. What accounting standards can I apply?. - PowerPoint PPT PresentationTRANSCRIPT
2009 User GroupCASEWARE
CaseWare User Group 2009
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
• Companies Act, 2008 (Act 71 of 2008)– Full IFRS
• Public accountability
– IFRS for SMEs– Micro-GAAP
What accounting standards can I apply?
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!– New leases standard!– New revenue standard!– New tax standard!
Major principles underlying accounting!
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 Grove079 503 [email protected]
CaseWare User Group 2009
Probe MMX
CaseWare User Group 2009
Probe MMX (2010)
• Redesign due to Clarity Statements• Standards More Onerous: Example ISA315
• Total Redesign– User Friendly– Easier to Comply
Effect of Clarity Project Before AfterBold Paragraphs 23 33
Paragraphs 124 163
Pages 34 44
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
• Converting Prior Year Files– 2005 Template Series– 2004.5 Templates– 2003 Templates– 2001 Templates
1 File New From Existing
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)
Seminar 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
CaseWare User Group 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
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
Working in CaseWare
CaseWare User Group 2009
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)
Working in CaseWare
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