CaseWare Africa, the financial services division of Adapt IT, has announced the launch of its latest product innovation, Interim Financial Statements, a new template designed to help enterprises easily draft interim financial statements in line with the IAS 34 standard. The Interim Financial Statements template allows for the seamless import of data for multiple periods, and fully integrates with CaseWare’s existing IFRS template for annual financial statements. In addition, it provides listed entities with new functionality to allow for Securities Exchanges’ disclosure requirements and interim financial statement market trends, all in a single file, says Nienke Krüger, Product Manager: Financial Reporting at CaseWare Africa.
“Until now, the market has lacked a solution that accelerates that production of interim financial statements. At present, companies are typically using spreadsheets to produce these statements, following a highly manual process that can be both severely error-prone and hugely time-consuming. In addition, existing manual processes take place independent of the annual financial statement processes, thus duplicating effort. The challenge is exacerbated for companies with multiple subsidiaries which need to report on consolidated figures as well,” she says.
“All of these challenges, including consolidation, are efficiently solved in CaseWare Africa’s new solution. Automation is one of the key strategies driving financial reporting because it reduces manual intervention and makes the process both more streamlined and accurate.”
Ms. Krüger notes that the template can be customised to ensure it aligns with organisations’ requirements as well as applicable regulations. It can be customised to show only the material items required by IAS 34, and can be adjusted to produce financial statements monthly, bi-monthly, quarterly, or semi-annually. Securities Exchange compliance requirements differ from country to country, for example in SA, the JSE requires publicly listed entities to produce semi-annual interim financial reports, while companies listed on other exchanges, such as the Nigerian Stock Exchange, need to do so on a quarterly basis. There are also various other stakeholders that will require interim financial statements to be prepared by a corporate entity, such as venture-capital and private-equity shareholders.
“CaseWare Africa’s new Interim Financial Statement solution provides a unique opportunity to accelerate and unify both interim and annual financial statement processes in a single solution,” Ms. Krüger adds. “Above all, the new template will allow the finance professionals across Africa to reduce time and save costs in the preparation of these statements, while at the same time improving quality and taking advantage of CaseWare’s industry-leading compliance.”