This page includes an illustrative script showing how to generate a trial balance as well as an IFRS | GAAP compatible balance sheet and profit and loss statement ⚠.
While the standardized COA may be used for dual e.g. IFRS | US GAAP reporting purposes, adjustments will be necessary.
While comparable, IFRS and US GAAP are not identical. It is thus not reasonable to run the generate IFRS statements | GAAP statements scripts on the same trial balance and expect results fully compliant with IFRS and US GAAP for both iterations.
The illustrative example section discusses and illustrates the most pertinent differences between IFRS and US GAAP.
The same caveat applies when the standardized COA is used in any jurisdiction that specifies a particular, national accounting/reporting standard.
It also includes a script to dynamically generate account numbers making the COA easily and infinitely adjustable.
While the COAs do not need account numbers to operate as intended (see implementation page), accounts with numbers can be useful. The script (below) automates the process.
To use the script, once Python is installed (above), simply set up your COA in the same format as the included sample files (including identical file names) download the scripts, set up the source files exactly as illustrated using the same file names. Then run the scripts. The expanded script inserts placeholder numbering 00 so it can be adjusted by the user.
Important: since the COA’s hierarchy is key to its functionality, it is imperative to make certain the account/depth column reflects its hierarchy exactly. Otherwise the script will not function as intended.
Also see the implementation guide page.
Activate to download all files and scripts without limit, or download single files on this page.