An accounting manual is an important and frequently-referred-to document in the finance and accounting (F&A) team. It is a ready-reckoner of accounting principles and guidance; and includes accounting standards as they apply to the organisation.
Having an accounting manual in its physical form has its challenges as most organisations often struggle with different data definitions. This is largely due to:
— decentralised accounting functions, including shared service centres
— change of personnel or attrition
— mergers and acquisitions or restructuring, which lead to varying interpretations of practices over time
Speaking the same finance language across entities and geographies on a real-time basis is, therefore, critical. Also, updating accounting manuals on a regular basis can be tedious and could affect the daily working of the F&A office.
KPMG in India helps clients define a common F&A language across the organisation, and standardise accounting and financial reporting practices across entities in the group. The e-manual is an indexed storehouse that can be your single online resource of concise guidance on Ind AS and IFRS standards, as they apply to you. Hosted on your intranet or the cloud, the e-manual uses technology platforms such as Confluence© or Microsoft SharePoint©.