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IRIS Accounts Production goes International

22nd Feb 2006
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The latest enhancement to market leading software*, IRIS Accounts Production, allows full compliance with the new International Financial Reporting Standards.

Considerable time and resource has been invested in the development of the product which now produces statutory financial statements for Limited companies applying International Financial Reporting Standards (IFRS).

New reports that appear in a full set of financial statements when applying IFRS include:

'Income statement
'Statement of recognised income and expenses
'Balance sheet
'Cash flow statement
'Notes
'Reconciliation of equity ' applicable in the first year of adoption
'Reconciliation of profit - applicable in the first year of adoption

The newly enhanced software is available as a download from the customer support area of the IRIS website. For users who currently have companies entered on IRIS Accounts Production under UK GAAP the conversion to IFRS is easy. The same chart is used so the codes are familiar and any extra disclosure notes that have been added will continue to apply if the standards allow the same disclosure. By entering a date that the IFRS are to apply from, the system will amend the reports to show the International layouts. Postings previously made under UK GAAP can be copied by using a simple process and amended for the IFRS changes.

Cathy Sims, Product Manager for IRIS Accounts Production said: 'We have made every effort to ensure that that the conversion process is as straight forward as possible. The software is designed to be intuitive, automatically producing the new notes to the accounts when IFRS is applied and issuing alerts to the user wherever there is a need to add new information.'

*The most recent independent survey carried out by the Institute of Chartered Accountants in England and Wales into software usage states that 'The market leader, IRIS Accounts Production has strengthened its position, with 32% of practices using the package, up from 26% in 2002. IRIS Accounts Production is the most highly rated product. This strong performance translates to a superior intended recommendation rate of 95%.'

Ends

www.iris.co.uk

About IRIS

IRIS is independently recognised as one of the largest, fastest growing and successful independent software providers in the UK, servicing 40,000 businesses and 9,000 accountancy practices with its software solutions. Focused primarily on software applications that keep users up-to-date on regulatory, accounting and legislative change, IRIS business software solutions are amongst the most innovative in the industry; designed to support SMEs and their advisors.

IRIS is committed to a close interactive relationship with all of its customers. The result is an outstanding level of customer loyalty, recognized as amongst the highest in the industry, with 97% renewing their contracts each year.

IRIS is a Microsoft Certified Partner.

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