Reconciliation Tables in FinancialsIFRS
This FAQ is related to the October 2020 Financials IFRS release template.
What are Reconciliation Tables in Financials?
Reconciliation Tables are generic tables which can be inserted as part of a specific Notes to Financial Statements as a review tool. The main purpose of this table is for the reviewer to determine if the balances from the Notes reconcile to any other statement areas in the Financials.
There are two types of Reconciliation Tables that can be inserted as part of Notes to Financial Statements. The Standard Reconciliation table is a four column table and the Do-It- Yourself (DIY) table can be modified to include 10 or more columns.
The Reconciliation tables can only be inserted one at a time. So for instance, if the user needs to insert the standard four column table as well the DIY 10 column table, each table will have to be inserted separately.
Inserting a Reconciliation table within a Note
Reconciliation tables can be accessed from within the Generic notes section in the Financials Knowledge library. To insert a Reconciliation table as part of a Note in Financials, please follow the following steps:
1. Click on the Insert content icon next to the Note heading.
2, In the Insert content dialog box, navigate to the Generic Notes section and expand it. Next, expand the Reconciliation Table section.
3. Tick the checkbox for the table you wish to insert.
4. Click OK.
Modifying the Reconciliation table.
When the Reconciliation table is inserted as part of a Note, it will be a blank table, which can be easily tailored by the user.
The four column reconciliation table has a Description column, which is an input field. The user can use the description column to add a description of the reconciliation table rows. The table also includes current year and prior year balances columns. The Reconciliation table balances columns have the functionality to allow users to define their own reconciliation formulas using Cell IDs.
For example, the user would like to insert a Four column reconciliation table within Cash and Cash Equivalents note in their Financials. The steps they would need to follow are:
1. Click on the
icon next to the Cash and Cash Equivalents note heading.
icon next to the Cash and Cash Equivalents note heading.
2. From the dialog box, navigate to Generic Notes and expand it. Expand the Reconciliation section and enable the checkbox next to the Four column reconciliation table.
3. Users can also preview the reconciliation table they are about to insert within the Section preview area of the dialog box.
4. Click OK.
The reconciliation table gets inserted at the end of the Cash and Cash Equivalents note.
5. The user can now make modifications to the table as needed. In this case, the user can edit the description of the rows in the description column to build their reconciliation table. The user can also edit the heading of the reconciliation table as required.
6. The user can now make modifications to the table as needed. In this case, the user can edit the description of the rows in the description column to build their reconciliation table. The user can also edit the heading of the reconciliation table as required.
7. To populate the numeric cell, you are able to click on the cell and enter the formula. The most common formula is the cell ID from other tables that you want to reconcile (e.g. total cash in the Cash and cash equivalents note against total cash from Statement of Cashflows). Other formulas are CVDATA formula and IF condition which we will cover at the end of the document.
To view the Cell ID of the cell you would like to copy, hover over the cell and a yellow bubble will pop up with the Cell ID of the selected cell.
If you cannot see the Cell ID when hovering over the cell, click on the Home Tab in the CaseView ribbon and enable the Show Cell numbers in Tooltips options under View.
8. To help with the process to obtain cell ID we have included a new Review tab on the Financials ribbon. The Guidance section above the Reconciliation table will include an option to enable the reconciliation review tab.
9. Click on the drop down menu and select Yes.
10. Once the option has been selected, a new tab called Review will be enabled in the CaseView Ribbon. This tab allows for easier access to cell reference numbers and allows users to copy and paste Cell IDs into the Reconciliation table.
11. To copy a cell reference from a cell, click on the cell (which contains the balance to be added to the Reconciliation table). Click on Get Cell ID, which will copy the cell ID. You can see the copied cell ID in the green field next to Get Cell ID(for example A2.N7).
12. In this example, the user needs to add the balance from the Cash and Cash Equivalents note into the first row of their reconciliation table.
13. To copy the Cell ID from the total cash and cash equivalents cell in the Note, click on the cell, and then click on Review tab. Click on Get Cell ID which will copy the Cell ID of the cell currently selected into the Cell ID cell next to Get Cell ID. In this example, the Cell ID is CCG.O12.
14. Navigate back to the Reconciliation table, click on the cell where the balance needs to be added and click on Set Cell ID in the Review tab.
15. A prompt will appear, asking to confirm if the cell calculation should be updated with the copied cell ID calculation. Click Yes.
16. This will populate the cell of the first row of the Reconciliation table with the balance from the copied Cell ID.
17. Similarly, the balance in the second row of the Cash reconciliation table can be populated by copying the Cell ID from the Cash flow statement Cash and Cash equivalents cell.
18. To change the balance of the second row to subtract instead of add, right click on the Row. Click on Row Properties and then Attributes.
19. Select subtract to subtract the number from total. Select switch sign to maintain the number’s sign, that is a positive or negative number
Once this is done, the total will subtract the balance from row 1 and row 2 which will result in 0 on the total row.
TRUE/FALSE conditions within the Reconciliation table
The TRUE/FALSE conditions are inserted as part of the Reconciliation table. These conditions are linked to the total balances within the table, and will skip and print accordingly.
The TRUE message will print if all the total balance in the reconciliation table is zero. This means that the balances in the table are reconciled.
The FALSE message will print if one of the total balances in the reconciliation table is not zero. This means that one or more of the balances in the table are not reconciled.
You are encouraged to to modify the text to match your reconciliation requirement.
Because this reconciliation table is inserted into your engagement file, whenever you update any of the content in the engagement file, you will need to review the reconciliation table to ensure that the formula in the table is still correct.
Reconciliation Formulas
Some of the reconciliation formulas that you can use
- Profit for the year from mapping
- Change the row type from linkage to mapping
- Set the mapping number to 1.5.0.340.100.000.000.800.00000.000
- This is the Net income/loss for the period mapping where the NETINC account is mapped to
- Profit for the year from the cells
- Go to the Income statement
- Copy the cell ID into the reconciliation table
- Making sure that a specific cell calculation must be 0
- Use the IIF formula to calculate the condition and set a value
- IIF(AAA.D3 = 0, 0, 1)
- This means if cell AAA.D3 is 0, then it will set a value of 0 which will reconcile the table, otherwise a value of 1 is set which will not reconcile the table
- Calculating movement
- You can use the formula to calculate prior year and current year movement
- AAA.N3 - AAA.O3
- Where AAA.N3 is the current year amount and AAA.O3 is the prior year amount
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