Download - 2009 User Group
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2009 User GroupCASEWARE
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CaseWare User Group 2009
Agenda• Welcome• Disclosure Overview• What’s New CaseWare 2009– Probe MMX– IFRS– IFRS for SMEs
• Getting the most from CaseWare– Tips & Tricks
• The Future - What’s Coming
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CaseWare User Group 2009
Disclosure Overview
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CaseWare User Group 2009
• Companies Act, 2008 (Act 71 of 2008)– Full IFRS
• Public accountability
– IFRS for SMEs– Micro-GAAP
What accounting standards can I apply?
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CaseWare User Group 2009
What is happening in IFRS?
• First time application:– IFRS 3– IAS 1
• Convergence project with US GAAP– New FRAMEWORK!– New financial instruments standard!– New leases standard!– New revenue standard!– New tax standard!
Major principles underlying accounting!
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CaseWare User Group 2009
IFRS for SMEs
• Replaces Statement of GAAP for SMEs– More relief for preparer!
• First time adoption – section 35• What relief was provided?– Smoothing of leases– 2 year statement of financial position– No IFRS 7 and simplifications on basic financial instruments– Standard will remain consistent for a period of at least 3 years
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CaseWare User Group 2009
Training and consultation requirements
Cobus Grove079 503 [email protected]
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CaseWare User Group 2009
Probe MMX
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CaseWare User Group 2009
Probe MMX (2010)
• Redesign due to Clarity Statements• Standards More Onerous: Example ISA315
• Total Redesign– User Friendly– Easier to Comply
Effect of Clarity Project Before AfterBold Paragraphs 23 33
Paragraphs 124 163
Pages 34 44
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CaseWare User Group 2009
What’s New CaseWare 2009
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CaseWare User Group 2009
What’s new Financial Statement Templates 2009
• Names of Financial Statement Components • Terminology• Multiple column reporting• Smart Content• Statement of Comprehensive Income– Single or Two Statements
• Cash Flow Statement• Batch update
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CaseWare User Group 2009
Getting started with CaseWare
2009
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CaseWare User Group 2009
CaseWare 2009 Converting
• Objective:– Convert ALL files to latest CaseWare Version– Convert/Update to latest CQS Template to ensure compliance
• Which Method– Update or Conversion– File New from Existing
• Do it better than last year & be more efficient.
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CaseWare User Group 2009
• Converting Prior Year Files– 2005 Template Series– 2004.5 Templates– 2003 Templates– 2001 Templates
1 File New From Existing
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CaseWare User Group 2009
2 Updating AFS
• Converting Prior Year Files– 2008.02.20– 2008.02.04.– 2007.02.03– 2006.01.02– 2006.01.01
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CaseWare User Group 2009
3 Batch Updating
• New Batch Update Tool• Single Process – CaseWare Conversion– Update or Convert – Year End Close – Create Engagement File for the Next Year
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CaseWare User Group 2009
Setting up a firm template
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CaseWare User Group 2009
Setting up a Firm Template
• Problem– AFS Format not according to Partner’s specifications.– Drafting AFS is time consuming.– Repetitiveness costs money.– Inconsistency– How to incorporate updated Firm Template into existing Files
• Objective– Standardize AFS to ensure consistency.– Save as much time as possible when drafting.– Security (New Central Data Store)
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Seminar 2009
Setting up a Firm Template
• Solution- Create a Firm Template for entire practice (NEW Training Course)- Import Firm Settings into existing files.- Show Practice Name on all Automated Documents- Package & distribute Firm Template (Advanced)- Silent Install – No codes required (Advanced)- New Central Data Store (Users & Security)- Document Library
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CaseWare User Group 2009
CaseWare Connector
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CaseWare User Group 2009
CaseWare Connector 2009
• Problem– Manually update Excel & Word spreadsheets and documents.– Inconsistent Excel schedules & recons.
• Objective- All supporting schedules & recons automatically update.- Consistent working papers- Accuracy- Time saving
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CaseWare User Group 2009
Working in CaseWare
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CaseWare User Group 2009
Preparing an Electronic File: • Enabling 3 Column Automated Documents in IFRS Template (New) • Annotation Toolbar & Printing of Tickmark Legends• Scanning Documents• Emails in CaseWare• View Journals as Dr/Cr• Export adjustments• Batch Export PDF
Working in CaseWare
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CaseWare User Group 2009
Reviewing an Electronic File:• View All Notes on Automated Documents • Compare Function
– Auto Compare Automatic Documents– Compare CaseView Documents
• Issues• Lockdown of Files (ISA 230R)
Working in CaseWare
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CaseWare User Group 2009
Drafting Financial
Statements
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CaseWare User Group 2009
Frequently Asked Support Queries
• Prior Year Figures Disappear • Audit Report Missing• Dates in the AFS– Displays 1900– Duplicates 2009 on BS/IS/CF
• Additional Mapping Numbers (Directors & Loans)• Income Statement out by R1• Entities Missing / Financials are Blank / Director’s only show ‘s• Page Breaks• Change Margins in AFS
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CaseWare User Group 2009
Financial Statements
Existing Features:• F5 Navigation• Standards & Interpretations Note• Justification & Paragraph Indent (Show on Provisions Note)• Page Breaks between 2 Input Paragraphs
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CaseWare User Group 2009
Financial Statements
New Features: • Multi Column Reporting (3 & 6 Columns)• Statement of Comprehensive Income – 2 Statement or Single Statement Approach– New Note: Other Comprehensive Income
• Document Map• Cash Flow Statement– Finance Cost & Interest Income– Automation of Business Combinations Note
• Smart Content (PPE Note)
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CaseWare User Group 2009
Financial Statements
New Features: • Turning on additional columns Column set-up • Drill down to multi years • Smart Content • Turning on 3 years for lead sheets• New Cash Flow Settings & Format• Standards & Interpretations
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CaseWare User Group 2009
Next Step
• Search CQS Knowledge Base • A new CaseWare Champion Course 2010– Firm Template, Packaging, Silent Install, Batch Convert, Data Store
• JIT Courses– Consolidation – Firm Template, – What’s New 2009
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CaseWare User Group 2009
CASEWARE
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CaseWare User Group 2009
what’s coming
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CaseWare User Group 2009
What’s Coming
• Release Dates – All templates to start start shipping this month
• CaseWare Time SQL– Web Time Sheets
• CaseWare IT14 TaxPack Integration with TaxWare / e-fling• New SecWare Version• March 2010 BackOffice User Group
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CaseWare User Group 2009
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CaseWare User Group 2009
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CaseWare User Group 2009