Accounting › Ledgers & Principles
Accounting Principles
The rulebooks: IFRS, US GAAP, a local statutory basis, a tax basis. What each says about leases, revenue and inventory is what makes a second ledger necessary.
Where to find it
- Module: Accounting
- Group: Ledger
- Section: Ledgers & Principles
- Screen: Accounting Principles
Address in the console: /accounting/accounting-principles
List · 8 columns · 12 fields on its form · 3 of them required
What the list shows
These are the columns of the list, in the order they are drawn. Any of them can be sorted on, filtered on, hidden, or exported.
| Column | Kind | Field name |
|---|---|---|
| Code | Code | code |
| Name | Text | name |
| Framework | Status | framework |
| Jurisdiction | Text | jurisdiction |
| Leases | Status | lease_standard |
| Revenue | Status | revenue_standard |
| Inventory | Status | inventory_method |
| Ledgers | Number | ledger_count |
The form
What is asked for when a record is created here. Required fields are marked; a choice drawn from a configuration list is one an administrator can extend without a release.
| Field | Type | Choices | Notes |
|---|---|---|---|
| Code required | Text | ||
| Name required | Text | ||
| Framework required | Choice | Configuration list | |
| Jurisdiction | Text | The country where this is the statutory basis, if it is one. | |
| Lease standard | Choice | ifrs16, asc842, operating_only, none | IFRS 16 capitalises every lease; ASC 842 keeps a straight-line cost on an operating lease. |
| Revenue standard | Choice | ifrs15, asc606, completed_contract, cash, none | |
| Inventory method | Choice | weighted_average, fifo, lifo, standard, specific | LIFO is permitted under US GAAP and prohibited under IFRS. |
| Permits the revaluation model | Yes or no | ||
| Capitalises development cost | Yes or no | ||
| Functional currency | Choice | entity, group, fixed | |
| Description | Long text | ||
| Active | Yes or no |
The rules that apply here
Everything on this screen obeys the platform rules rather than rules of its own. The ones worth knowing before you use it:
- Narrowing a list — search, conditions, sort, totals, export and saved views.
- What may be changed — the five grounds a record may not be edited on.
- Companies and business units — what the switcher above this list is doing to it.
- Creating a record — required fields, where choices come from, and how the number is allocated.
- Importing a spreadsheet — this screen accepts one, and it runs through the same rules as typing.