Welcome to the Convergence Assistant!

The worldwide trend towards the adoption of IFRS (International Financial Reporting Standards) is an everyday reality, and the group of countries that are getting ready to transition from their local GAAP to IFRS is growing constantly. Financial executives face the challenge of designing a clear roadmap for the transition and setting up the right tools to monitor it.

XBRL taxonomies can help, as they are designed to represent the local GAAP and the IFRS versions of your financial statements, and they are freely available. The challenge is that a direct mapping between local GAAP and IFRS (e.g., between the Canadian GAAP or US GAAP taxonomies and the IFRS taxonomy) does not accomplish the purpose of generating one from the other, and does not solve the problem of automated reconciliation between the two. The only way to accomplish these two important tasks is to start from the trial balance, and create a link between each account to the appropriate financial statement line item in each end report. Creating and maintaining these links can obviously be a daunting task.

The Convergence Assistant is a web-based application that - in three easy steps - allows you to upload your Trial Balance, convert it to a standardized format, and automatically generate multiple end reports based on pre-defined links to target XBRL taxonomies. This not only enables the automated generation of your financial statements in the target XBRL taxonomies of choice, but also their automated reconciliation in a transparent, seamless way. You do not need to build one mapping for each end report that you want to generate: just map once from your trial balance to the more appropriate standard chart of accounts that you can choose from WikiAccounts, pick the end report formats that you want to generate and reconcile, and you are done.

Not only IFRS convergence

Because it is based on XBRL Global Ledger, the Convergence Assistant lets you generate and reconcile an unlimited number of end reports that can be expressed with an XBRL taxonomy or an XML Schema. You are not limited to the preset taxonomies; you can choose from IFRS, local GAAP in multiple countries, internal management reporting, KPI reports, regulatory filings, and more.

And, once your trial balance is standardized with XBRL Global Ledger, the benefits go far beyond automated generation and reconciliation of end reports. Other functionalities provided by the Convergence Assistant will help you re-use your standardized data over and over again for such critical processes as data validation, analysis, standardized transformation, and more. See GaLaPaGoS – Global Ledger Practices Guide for Study and the Iphix website for more information on the power of XBRL Global Ledger and what it can do for you.

Contact us

You can use the Convergence Assistant online, or you can install it in your local intranet. Contact us for more information.