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2009 User Group

C ASE W ARE. 2009 User Group. 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 . Disclosure Overview. What accounting standards can I apply?.

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2009 User Group

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  1. CASEWARE 2009 User Group

  2. 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

  3. Disclosure Overview CaseWare User Group 2009

  4. What accounting standards can I apply? • Companies Act, 2008 (Act 71 of 2008) • Full IFRS • Public accountability • IFRS for SMEs • Micro-GAAP CaseWare User Group 2009

  5. 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

  6. 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

  7. Training and consultation requirements Cobus Grove 079 503 5791 cgrove@uj.ac.za CaseWare User Group 2009

  8. Probe MMX CaseWare User Group 2009

  9. Probe MMX (2010) • Redesign due to Clarity Statements • Standards More Onerous: Example ISA315 • Total Redesign • User Friendly • Easier to Comply CaseWare User Group 2009

  10. What’s New CaseWare 2009 CaseWare User Group 2009

  11. 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

  12. Getting started with CaseWare 2009 CaseWare User Group 2009

  13. 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

  14. File New From Existing 1 • Converting Prior Year Files • 2005 Template Series • 2004.5 Templates • 2003 Templates • 2001 Templates CaseWare User Group 2009

  15. Updating AFS 2 • Converting Prior Year Files • 2008.02.20 • 2008.02.04. • 2007.02.03 • 2006.01.02 • 2006.01.01 CaseWare User Group 2009

  16. Batch Updating 3 • 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

  17. Setting up a firm template CaseWare User Group 2009

  18. 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) CaseWare User Group 2009

  19. 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 Seminar 2009

  20. CaseWare Connector CaseWare User Group 2009

  21. 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

  22. Working in CaseWare CaseWare User Group 2009

  23. Working in CaseWare 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 CaseWare User Group 2009

  24. Working in CaseWare 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) CaseWare User Group 2009

  25. Drafting Financial Statements CaseWare User Group 2009

  26. 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

  27. 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

  28. 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

  29. 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

  30. 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

  31. CASEWARE CaseWare User Group 2009

  32. what’s coming CaseWare User Group 2009

  33. 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

  34. CaseWare User Group 2009

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