Re: [WebERP-developers] webERP accountant standard

[Andrew G. <aga...@re...>]

Great points Phil.
WebERP allows you to make Journal Entries. IFRS, GAAP, others tell you whether or not you should make THAT specific journal entry.
How I would view it.


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  Original Message
From: ph...@lo...
Sent: Tuesday, September 16, 2014 9:48 PM
To: webERP Developers
Reply To: webERP Developers
Subject: Re: [WebERP-developers] webERP accountant standard


IFRS - US GAAP - IAS are all frameworks of accounting standards.
Published accounts are audited based on one or other specific framework
for compliance.
Accounting standards dictate things like the disclosure requirements in
published sets of accounts, or when to consolidate or use equity
accounting when, when to provide for warranty, treatment of intangible
assets, the treatment of leases as capital to show the value of the
assets on the balance sheet etc etc etc. All of these treatments can be
accomodated within webERP and often don't involved webERP. e.g. webERP
has the flexibility to record depreciation at any rates, or to
capitalise assets or intangibles or not, or provide for warranties or
not. The specific accounting policies and treatments are not limited by
the webERP.

This is a poor explanation I think, but hopefully you understand.

Phil



On 2014-09-16 18:32, ExsonQu wrote:
> *Hi, Phil,*
>
>         Thank you for your always great work for webERP.
>
>         I've received a question from my website, the user ask if he
> use
> International Financial Reporting Standards for accounting, Is there
> any
> modification needed?
>
>        I remember you've mentioned it about it, but cannot find it now.
>
>        Could you find time to answer this question?
>
>        Best regards!
>
>        Exson
>
>
>
> --
> View this message in context:
> http://weberp-accounting.1478800.n4.nabble.com/webERP-accountant-standard-tp4657651.html
> Sent from the web-ERP-developers mailing list archive at Nabble.com.
>
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