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If a company is interested in changing from a calendar year to a fiscal year, what reporting considerations are there when it comes to implementing or updating a new reporting system?

LISA LEVY's Profile

Answers

Anonymous
(Analyst) |
Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

The IRS issues aside; you'll have to restate all your financials so that comparatives are in sync.

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Lisa
As far as management reporting is concerned, you should look at the new reporting periods that you define so that you can re-use historic data in trend and comparative analysis. Example: In a calendar year, Q1 always would mean Jan-Mar. What is Q1 now? How do you report on the NEW Q1 period with prior year Q1 numbers that are based on the correct months?
Much depends on your reporting system and how it extracts data from your ERP system, including configuring periods and period groups.

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