Podcast
Questions and Answers
What is the main purpose of using Selection Objects in consolidation?
What is the main purpose of using Selection Objects in consolidation?
Which of the following can not be changed in Selection Objects?
Which of the following can not be changed in Selection Objects?
What is required when country-specific accounting standards do not align with group policy?
What is required when country-specific accounting standards do not align with group policy?
Which posting level in the Data Monitor allows manual standardizing?
Which posting level in the Data Monitor allows manual standardizing?
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What advantage does assigning a reclassification method to the Data Monitor provide?
What advantage does assigning a reclassification method to the Data Monitor provide?
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Which of the following best describes a Selection Object?
Which of the following best describes a Selection Object?
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In which scenario is manual correction of reported data applied in the Consolidation Monitor?
In which scenario is manual correction of reported data applied in the Consolidation Monitor?
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Which statement about the reclassification rule is true?
Which statement about the reclassification rule is true?
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Study Notes
Selection Objects
- Selection Objects group financial statement items (FS items) using filters.
- These pre-defined selections are reusable in various consolidation settings, including validation rules, reclassification methods, currency translation methods, and breakdown categories.
- Using Selection Objects decouples master data from configuration objects. Changes to FS item assignments won't require altering or transporting configured objects (e.g., reclassification methods).
- Selection Objects are reusable, reducing maintenance costs.
- Pre-built Selection Objects are fixed; custom ones can be created.
Reclassifications
- Country-specific accounting standards often differ from group standards.
- Reclassification rules, part of reclassification methods, are automated adjustments to align local data with group standards.
- Reclassification methods are assigned to tasks in the Data Monitor (and also Consolidation Monitor) for tracking.
- Reclassification methods can include multiple reclassification rules (sequentially applied).
- Valid posting levels for reclassifications in the Data Monitor include:
- Manual correction of reported data (01)
- Manual standardization (10)
- Manual correction of universal journal (0C)
- Valid posting levels for reclassifications in the Consolidation Monitor include:
- Adjustments to Reported Data (01)
- Standardizing Entry (10)
- Two-sided Elimination Entry (20)
- Consolidation Entry (30)
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Description
Explore the concepts of Selection Objects and Reclassifications in financial statements. This quiz will test your understanding of how these elements interact within consolidation settings and adhere to country-specific accounting standards. Get ready to dive into the nuances of accounting configurations and their implications.
