2009 User GroupCASEWARE

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

CaseWare User Group 2009

Disclosure Overview

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?

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!

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

CaseWare User Group 2009

Training and consultation requirements

Cobus Grove079 503 5791cgrove@uj.ac.za

CaseWare User Group 2009

Probe MMX

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

CaseWare User Group 2009

What’s New CaseWare 2009

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

CaseWare User Group 2009

Getting started with CaseWare

2009

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.

CaseWare User Group 2009

• Converting Prior Year Files– 2005 Template Series– 2004.5 Templates– 2003 Templates– 2001 Templates

1 File New From Existing

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

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

CaseWare User Group 2009

Setting up a firm template

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)

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

CaseWare User Group 2009

CaseWare Connector

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

CaseWare User Group 2009

Working in CaseWare

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

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

CaseWare User Group 2009

Drafting Financial

Statements

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

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

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)

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

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

CaseWare User Group 2009

CASEWARE

CaseWare User Group 2009

what’s coming

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

CaseWare User Group 2009

CaseWare User Group 2009

CaseWare User Group 2009