Hi-Definition Data Transformation Problems > Align EBS Accounting to Your Business > Change Your Chart of Accounts for IFRS

You will be moving to IFRS and know that you need to change your chart of accounts, but you don't know how to do that.

Profile

An international brokerage firm was in the planning stages of preparing its financial systems for compatibility with IFRS. Management had a good grasp on what needed to change for compliance, but they were unsure of how to actually make the changes. They had been told a re-implementation of their entire E-Business Suite was the only option, but their business was changing so rapidly that they didn’t know if they could afford the downtime that would be required. They needed a fast method of changing their current chart of accounts without being invasive to their users.

Solution

The company used FlexField software to make the necessary IFRS-compliant changes to their existing chart of accounts over a weekend. They used the software not only to make the chart IFRS-compliant, but made enough changes to the chart that allowed them to decommission a third-party reporting tool that was costing them thousands of dollars a year in license fees – they could now get the reports they needed straight from the GL.