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  • Welcome to CaseWare QuickVids. This QuickVid will demonstrate using rounding

  • relations in the financial statements. Rounding relations are used to change the appearance

  • of figures in the financial statements and to balance the financial statements. Rounding

  • relations affects only cells in the financial statement document. It does not affect any

  • numbers in the Working Papers trial balance. Rounding relations can be set in the financial

  • statement document, the firm libraries and the cash flows worksheet.

  • This QuickVid will; 1. Review basic rounding relations

  • 2. Apply a rounding relation 3. Modify a rounding relation

  • 4. Review advanced rounding relations

  • Please note rounding relations are not the same as currency rounding to thousands or

  • millions. Rounding relations as they pertain to this QuickVid maybe necessary due to decimals

  • in the trial balance rounding to whole number in the financial statements therefore creating

  • discrepancies between two line items that should match. Rounding relations are designed

  • to automatically resolve these rounding issues in the financial statements.

  • Once rounding relations are applied the following message appears if rounding errors are occurring.

  • This can be turned off from the Options drop-down in the financial statements.

  • Opening the Financial statements as a default rounding relations are turned off.

  • To access rounding relations. From the template menu, select Options. There two options applicable

  • to rounding relations, modify and apply rounding relations.

  • Select Modify rounding relations.

  • The rounding relations freeze opens displaying all the rounding relation options. From here

  • you are able to Add, Modify and Delete rounding relations.

  • A rounding relationship is created between any three cells. It works as follows: the

  • difference between "Cell A" and "Cell "B" is adjusted to "Cell C", provided the difference

  • between Cell A and Cell B does not exceed the established tolerance. Each of these cells

  • must be defined by the user.

  • Select Modify a rounding relations. Select the "Label" drop-down. CaseWare provides

  • preexisting rounding relations for the Balance Sheet and Cash Flows. Any rounding relation

  • that was set up in the content libraries is imported into the financial statements when

  • content is inserted. Your firm may have modified this or added

  • additional relations in the library. Classified #11 is a rounding relation established

  • in the Balance sheet in the current year, while Classified # 12 is a rounding relation

  • established for the prior year. It is important to remember to review rounding relations for

  • all the periods displayed in a format. Select Classified #11.

  • Notice Cell A, B, C are populated with cell numbers and the title and period of the cell

  • are displayed. Click on the Cell a, Cell B, or Cell C Box and the cells are highlighted

  • in the financial statement document. A permanent method to view which cells are

  • affected by rounding relations, from the CaseView menu select View | Preferences and select

  • "View rounding flags". Select OK. Double-click Cell A to jump to the cell within the financial

  • statements. In this example, if the difference between

  • Total Assets and Total Liabilities and Equity is less than 5 the difference will be adjusted

  • positive or negative to "Payables". When modifying a rounding relation you are

  • able to modify any CaseWare, Firm or engagement created rounding relation.

  • For this demonstration selecting Cell A, taking note of the value, then selecting cell B the

  • difference between these two cells is 3. To apply a rounding relation, from the template

  • menu select Options | Apply rounding relations. Once applied, a value of 3 is added to the

  • payables line and the balance sheet balances. Due to the option "View rounding flags" established

  • in Preferences, notice flags appear in the cell indicating it is a part of a rounding

  • relation.

  • In this example there is no other value in the payables line item therefore this is not

  • an appropriate line to round to. With the rounding still open change Cell C to Receivables.

  • Take note of the value. Select Save, the value in receivables is changed by 3, no value is

  • present in the payables line and the balance sheet is balanced.

  • If we modify the tolerance for this rounding relation to two, select Save. When a rounding

  • relation exceeds the tolerance numerous Recalculation errors will appear. When an error message

  • appears, it is necessary to review your financial statements and correct the error. Please note

  • the dialog will appear multiple times until the rounding discrepancy is resolved for all

  • the rounding relations in the financial statements.

  • In this simple example changing the tolerance to 5 again and selecting Save resolves the

  • recalculation errors.

  • Additional features within the rounding relations freeze are the ability to add and delete rounding

  • relations. For advanced users, if desired, multiple rounding

  • relations can be set by using the plug condition. The Plug condition is the condition that makes

  • this cell be skipped as the plug cell. If the condition is evaluated to be true, the

  • difference is not plugged here and another plug cell is searched for. If the condition

  • is evaluated to be false, the value of the difference between cells A and B goes in cell

  • C. Use "Add" to create additional cells for multiple plug conditions. Use "Delete" to

  • remove cells from the multiple plug condition.

  • Rounding relations combined with Financials feature to link from note, statement and schedules

  • combined become invaluable tools in enhancing the ability to automate your financial statements.

  • That concludes the QuickVid on rounding relations, thank you for watching CaseWare QuickVids.

Welcome to CaseWare QuickVids. This QuickVid will demonstrate using rounding

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IFRSの財務諸表。財務諸表で働く-丸めの関係 (IFRS Financials: Working in the Financial Statements - Rounding Relations)

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    陳虹如 に公開 2021 年 01 月 14 日
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