CASEWARE
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
CaseWare User Group 2009
Disclosure Overview
CaseWare User Group 2009
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
What is happening in IFRS?
• First time application:
– IFRS 3
– IAS 1
• Convergence project with US GAAP
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New FRAMEWORK!
New financial instruments standard!
New leases standard!
New revenue standard!
New tax standard!
CaseWare User Group 2009
Major principles
underlying
accounting!
IFRS for SMEs
• Replaces Statement of GAAP for SMEs
– More relief for preparer!
• First time adoption – section 35
• What relief was provided?
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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 Grove
079 503 5791
cgrove@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
Effect of Clarity Project
Before
After
Bold Paragraphs
23
33
Paragraphs
124
163
Pages
34
44
• Total Redesign
– User Friendly
– Easier to Comply
CaseWare User Group 2009
What’s New CaseWare
2009
CaseWare User Group 2009
What’s new Financial Statement Templates 2009
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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
1
File New From Existing
• Converting Prior Year Files
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2005 Template Series
2004.5 Templates
2003 Templates
2001 Templates
CaseWare User Group 2009
2
Updating AFS
• Converting Prior Year Files
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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
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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
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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
Setting up a Firm Template
• Solution
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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
CaseWare
Connector
CaseWare User Group 2009
CaseWare Connector 2009
• Problem
– Manually update Excel & Word spreadsheets and documents.
– Inconsistent Excel schedules & recons.
• Objective
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All supporting schedules & recons automatically update.
Consistent working papers
Accuracy
Time saving
CaseWare User Group 2009
Working in
CaseWare
CaseWare User Group 2009
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
Working in CaseWare
Reviewing an Electronic File:
• View All Notes on Automated Documents
• Compare Function
– Auto Compare Automatic Documents
– Compare CaseView Documents
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Issues
Lockdown of Files (ISA 230R)
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
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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
CaseWare User Group 2009