Topic: General Index of Financial Information (GIFI)
What is the GIFI and what purpose does it serve? The General Index of Financial Information, or GIFI, is a listing of items commonly reported on income statements, balance sheets, and statements of retained earnings. The GIFI provides a new way to collect financial information in a codified format. It will allow for more efficient processing of the Tax return and prepare you for electronic filing. Having financial information in a codified format will allow the Tax Authorities to conduct audit screening more effectively, and to improve on the collection of national statistics. In addition, GIFI will enhance the development of tax policies and legislation.
Many countries already use this GIFI, and in FrontAccounting you can use the field Account Code 2 for this purpose. Later we will provide a report grouped by this GIFI code.
It will also be easy to create a module to extract this information for electronic reporting.