Accounting Engine and General Ledger

The iFRS-VBox includes an in-built General Ledger (GL), created under consideration of the best-practice approaches for IFRS. The GL handles all accounting transaction performed by the tool.

iFRS-VBox generates the balance sheet, the Profit and Loss statement and all necessarily financial disclosures directly by applying the IFRS rules. The system measures the single financial instruments according to the principles of IFRS. Based on this measurement, IFRS recognition is done by creating transaction-based Debit / Credit (D/C) entries into the system's General Ledger.

As a result of this approach, the IFRS balance sheet, Profit and Loss statement and all necessary disclosures are produced directly in compliance to IFRS. In particular this leads to granular and audit-able financial statements as required in IAS 1 and IFRS 7. Using iFRS-VBox, the bank eliminates the need for manual adjustments and removes the non-transparent processing which is usually needed when attempting to directly adjust existing local GAAP General Ledger balances to IFRS. Among other advantages, this opens up the way for granular and consistent interim reporting as required by IAS 34 as well as increasingly by management and investors.

The General Ledger in iFRS-VBox is constructed to meet directly the requirements related to segment reporting set forth in IFRS 8 and the financial disclosures required by IFRS 7. In addition iFRS-VBox is a powerful tool for ad-hoc or management reporting as well as for performance analysis, as it combines additional reporting dimensions and accounting balances and measures.

Integration to Bank's General Ledger

iFRS-VBox supports several options with respect to the integration of the system in the solution landscape.

Configuration of Bank's own GL structure

For banks that need to use their own analytical system or General Ledger account structure, iFRS-VBox allows for a flexible accounting configuration. This includes user-defined account types, account patterns, levels and structure of the Charter-of-Accounts. iFRS-VBox is able to cooperate directly with any additional analytical system and any General Ledger accounts structure the bank deploys. In addition the system gives the possibility to manage the structure and the frequency of exporting the Debit / Credit entries from iFRS-VBox to the bank’s General Ledger (once a week, once a month or on user demand).

Predefined, Best-Practice IFRS GL. Delivered.

Our clients often choose to rely on the in-built General Ledger in iFRS-VBox to minimize project risk and implementation efforts. iFRS-VBox comes with a preconfigured IFRS-compliant Charter-of-Accounts. The Charter-of-Accounts allows for the granular reporting as expected by IFRS. In addition iFRS-VBox provides an excellent basis for straightforward reconciliation with the the bank's existing General Ledger. Thus, the bank may opt to produce the IFRS Balance sheet and Profit and Loss statement by adjusting the relevant accounts from the existing General Ledger system to the IFRS compliant balances from iFRS-VBox. In this situation the bank can rely on the granular and detailed disclosures available in the iFRS-VBox for its additional financial disclosures.