Reporting - Accounting Policies

Accounting Policies can be customised on three levels: 

  1. Master Notes (managed by Reportance)
  2. Firm Notes (managed by your firm)
  3. File Notes (managed by users for each client file)


This section will cover customising client-specific accounting policies/notes. By default, these accounting policies will be prepopulated by Reportance Master Notes and any of the firm's changes or updates to those notes.


To access the accounting policies for a specific client file, select Accounting Policies from the File Settings menu from any screen, as shown below:




Adding a New Policy


To add a new policy for this client click on + New Policy



The following table details the new policy fields: 


FieldDescriptionValidation
NameThe name of the policy which will appear in the financial report.Required - Text
Location
(dropdown box)
Sets which section the note appears within the Notes.
General or Note 1
DescriptionThis is an internal description that provides users with the gist of the note.
Text
Show by Default
(dropdown box)
Sets the default display of the note.
Options:
- If related Account Type appears
- Always
- Never
Default When any of the following Account Types Appear
Sets the account which the above field looks for to display the NoteSearch Field. Required when "If related account appears" is selected above. More than one account can be selected.

After the basics of the policy have been completed select Save. An example is shown below:



After clicking Save on the accounting policy the Add Policy Variant section will be displayed. 



Policy Variants


Policy variants represent the content of an Accounting Policy. Variants enable you to modify the policy based on factors such as:

  • The financial reporting framework.
  • The financial period to which the policy will relate.
  • Whether the policy could differ based on client context and/or management discretion.


After clicking on Add Policy Variant you can add different variants for different Policy Suites and different Entity Types. 


Field DescriptionValidation
NameName of Policy Variant. Normally this would be a defining attribute. I.e. SPFR-AASB Company.  
Required - Text
DescriptionThis is an internal description that provides users with the gist of the note.Text
Application DateThe date from which the policy will apply.Date picker
Earliest Application DateMay optionally apply to reporting periods beginning on or after this date. Date picker
Expiry DateThe policy will not apply to reporting periods after this date.Date picker
Reporting Suites
(dropdown box)
Selects which Reporting Suite the variant will belong to. More than one suite can be selected.Options:
- Simple
- 2021 GPFR Tier 2
- 2020 SPFR
Entity Types
(dropdown box)
Selects which entity to display the policy variant for. More than one entity can be selected.
Default - Applies to all entities
Content*This is the content of the note that will be displayed in the report.
Text

*For more information on how to build Content within reports see the knowledge article: Report Content Editor. Content can also use fields to import information about the client or your firm. To find out more about fields within reports see the knowledge article: Reporting - Fields


After completing all the required fields select Save. This will save the policy variant into the system. It is possible to add many policy variants to each Note, however, we recommend adding as few as possible.



Editing a Custom Policy


To edit an existing policy click on the policy. Make any required changes. The same fields are available for edit as those available under the 'Adding a New Policy' section. Once all the required changes have been made click on Save.



Editing a Master Policy


A Master Policy is unable to be edited outright. However, you can perform a customisation process on the Note. This creates a new variant of the whole policy. The benefit of this process is that if the Standards update and Reportance updates the default policy you can revert or merge any changes to the customisations a user has made in the Accounting Policy. 


To customise a master policy click on the policy and then on the Customise button at either the top or bottom of the screen. This will enable you to edit the policy and allows you to add, edit or remove Policy Variants.




Editing a Policy Variant


To customise an existing master or firm policy variant, first select the relevant policy and click on Customise. Then select the Customise button at either the top or the bottom of the screen in the Variant you wish to edit.



After saving the new customised policy, you will be able to track changes to the master policy by comparing to the master version as shown below:



To delete the customised version and revert to the original master select Delete Customised Version. To maintain the current customised version select Save.



Next article: Assets - Overview

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