Complete optimizer checklists
Note: The checklists available may vary depending on your product, but there are commonly used checklists across many Global Statutory Reporting products.
In the engagement file, you can access the optimizer checklists in the Documents page under the Settings section. These checklists allow you to tailor your financial statements to meet specific entity requirements and standards.
Note: Ensure you complete all the optimizer checklists before you import data or begin preparing the financial statements. This ensures import documents and information display correctly in your engagement. In addition to the checklists described below, you may need to complete additional checklists depending on your region.
Engagement settings
The Engagement settings optimizer provides you with a structured checklist to customize and define global settings for your financial reporting needs.
For each procedure, make a selection that best fits the entity's characteristics and reporting requirements. This ensures that the financial statements generated are tailored to the specific nature and needs of the entity. The following table provides guidance on each procedure in the checklist.
Note: Not all procedures described in the table are available in every product. The procedures available for this checklist in your product depend on your region.
| Procedure | Description |
|---|---|
| Select the region | Use the dropdown menu to select the applicable region. Your choice in this procedure will influence the available country options in the subsequent step. |
| Select the country to apply the standard | Use the dropdown menu to select the applicable country. Your selection here, combined with the chosen region, will determine the specific content incorporated into the financial statements. |
| How do you want to refer to the Financial Statements? | Use the dropdown menu to choose how you want to refer to the financial statements throughout the document. The default selection is set to Financial Statements only. |
| What is the wording for the period? | Use the dropdown menu to choose the terminology you want to use to reference time periods within the statements, such as year or period. |
| How do you want to refer to the Entity? | In the text field, define how to refer to the entity in question throughout the document by entering an applicable term, such as Company or Corporation. |
| Is this the first year of existence? | Select Yes or No to indicate if this is the entity’s first operational year. If you select Yes, the start date of the engagement is set to the date of incorporation. If you select No, the start date defaults to the start date of the fiscal or reporting period. Your selection for this procedure also affects the competitive data disclosures. For an entity in its first year, disclosures will only reflect figures for the current period, without comparative historical data. |
| Was the company dissolved during this reporting year? | Select whether the company was dissolved during this reporting year. If you select Yes, the current period end date is set to the dilution date. |
Dates and table headers
The Dates and table headers optimizer provides a streamlined approach to accurately set the prior year dates and customize the table headers in your financial statements.
Note: Not all procedures described in the table are available in every product. The procedures available for this checklist in your product depend on your region.
| Procedure | Description |
|---|---|
| What is the prior year beginning date? | Establish the start date for the previous year. This will be the baseline for all comparative financial information. |
| What is the prior year end date? | Define the closing date of the last fiscal year. This marks the end of the period for which the previous year’s financial data will be compared. |
| Balance sheet and related notes table header | Define the presentation style for the balance sheet and its related notes within the table headers. You can select to display either Year or Year end date. The option selected will display throughout the financial statements. Example: 2024 or 31/12/2024. |
| Statement of profit or loss and related notes table header | Define the presentation style for the profit and loss statement and related notes within the table headers. You can select to display either Year or Year beginning date to year end date. The option selected will display throughout the financial statements. Example: 2024 or 01/01/2024 - 31/12/2024. |
Statements and note visibility
The Statements and notes visibility optimizer(s) allow you to manage the visibility of notes within the financial statements. This allows you to tailor the disclosure of general information, accounting principles and other notes that are not directly tied to the financial amounts presented. It also gives you flexibility in customizing how financial information is documented and shared, ensuring that the financial statements accurately reflect the organization's reporting requirements and preferences.
You can also customize your financial statements to meet specific needs and adhere to regional regulatory standards. For example, you can choose to classify expenses by either function or nature, determine whether to present a combined or separate Statement of Other Comprehensive Income, make decisions regarding the presentation method for the Statement of Cash Flows (Direct or Indirect) and utilize the Cashflow import tool.
