Dual Reporting IFRS and US GAAP

Question

Hi,
anyone here who have implemented dual reporting US GAAP and IFRS at the same time? Hope you could share on how to implement this. Is implementing parallel ledgers enough?
Thanks.

Answer 1

We just implemented IFRS accounting without effecting GAAP accounting.  No parallel ledgers were required.  Our strategy was to start with GAAP chart of accounts and identify all accounts as follows:
o   Common u2013 Both U.S. GAAP and IFRS standards are the same.  No adjustments to U.S GAAP
     accounting are necessary to meet IFRS.
o   Re-class u2013 U.S. GAAP costs are classified differently under IFRS.  Costs must be u201Cmovedu201D to
    the proper accounting classification in the IFRS financial statements.
o   Elimination u2013 U.S. GAAP costs are not applicable in IFRS reporting and are eliminated from the
     IFRS financial statements.
o   Valuation u2013 U.S. GAAP Costs are applicable in IFRS but must be revalued from a U.S. GAAP basis
     to IFRS basis in the IFRS financial statements.
We then created new accounts preceded with an u2018Iu2019 concatenated with the original account.  Any adjustment required to meet IFRS is booked to the u2018Iu2019 accounts only.  Our GAAP financial statements include only the original accounts (i.e. no accounts that begins with u2019Iu2019).  Our IFRS statements include all the GAAP accounts plus the IFRS accounts.
The naming convention was carried through to all modules in SAP.   In CO, we also had a naming convention to segregate IFRS related objects.
Works slick and the external orders are happy.