Close every IFRS standard with one audit-ready discipline
Cerevantix IFRS Accounting Standards unifies IAS 37 provisions, IAS 12 deferred tax, IFRS 9 expected credit loss and IAS 2 inventory NRV under one review, post and freeze workflow, with a cross-standard close checklist that will not lock until every standard is reconciled and posted.
The problem
IFRS teams run provisions, deferred tax, expected credit loss and inventory write-downs through spreadsheets outside the ERP, re-keying figures as manual journals with no link between the calculation and the posting. Opening balances drift silently, contingent items get posted by mistake, and closing a period means chasing a dozen disconnected trackers with no single view of what is actually done.
The solution
Every standard gets the same governed register: a draft figure moves through review and manager-gated posting into a balanced journal entry, and the opening balance is hard-blocked from posting until it ties to the prior posted closing. A single close checklist tracks all four standards against their financial-statement line items, and once posted a figure is frozen; corrections only happen through an explicit reset-and-reverse entry that keeps the full trail intact.
Everything an IFRS close needs, in one app
Every capability below is implemented in the module.
Unified IFRS close checklist
One cross-standard period dashboard links each standard to its financial-statement line item and will not let the period lock until every applicable standard has a reviewed, posted entry.
Manager-gated review, post, freeze
Every register moves through the same draft, reviewed, posted state machine. Only a user in the IFRS Manager group may post, and the reviewer and poster are timestamped on the record.
Hard opening tie-out gate
Posting is blocked with an explicit error until the opening balance reconciles to the prior posted closing balance, closing the silent-failure gap that lets an incomplete prior period corrupt the current one.
No-silent-posting validation
A missing account, a nil-movement entry, or an incomplete bucket or line raises a specific, plain-language error instead of a confusing or empty posting.
Posted-figure freeze with reset & reverse
Posted entries cannot be edited or deleted. A correction is made through a manager-gated action that reverses the posted journal entry and preserves the full audit trail.
IAS 37 provisions with PV discounting
Best-estimate recognition discounted to present value, with the discount unwind posted as a finance cost each period and a contingent flag that blocks posting of disclosure-only items.
IAS 12 deferred tax engine
Temporary differences computed from carrying amount and tax base, with the correct taxable and deductible sign conventions, an enacted rate, and a Profit & Loss or OCI counterpart.
IFRS 9 expected credit loss matrix
An ageing-bucket provision matrix of exposure times loss rate per bucket, supporting both the simplified lifetime approach and a general staged method, rolling up to one loss-allowance movement.
IAS 2 inventory NRV write-downs
Lower-of-cost-and-NRV per item, with a selling-price, cost-to-complete and cost-to-sell breakdown so every write-down is both prompted and auditable.
How it works
Record the measurement
Enter the standard-specific inputs -- best estimate, temporary difference, ageing buckets, or item cost and NRV -- on a draft register line scoped to the close period.
Review
An IFRS Accountant marks the entry Reviewed once the figures are checked, and the reviewer and timestamp are stamped on the record.
Post
An IFRS Manager posts the entry; the module checks the tie-out and the accounts, then creates a balanced journal entry in the general ledger.
Close
The period's checklist turns each standard complete as its entries post; lock the period once every applicable line is done.
Frequently asked
No sales fog. If your question isn't here, email us and we'll answer it the same way.
IAS 37 provisions, IAS 12 deferred tax, IFRS 9 expected credit loss and IAS 2 inventory net realisable value, all governed by one review-post-freeze discipline and tied into a single cross-standard close checklist.
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IFRS Accounting Standards
IAS 37 provisions, IAS 12 deferred tax, IFRS 9 expected credit loss and IAS 2 NRV write-downs in one manager-gated workspace — with a cross-standard close checklist.
Buy on Odoo App Store