I notice that Acumatica has Asset, Liability, Income, and Expense as the Type selection for the Account Class ID.
It would be better that an additional “Type” called “Equity”, since IFRS requires that Equity accounts and the transactions thereto are shown separately.
In particular: Share Capital, Retained Earnings, Minority Interest, and various Reserve Accounts should not be classified as type “Liability” as this could be incorrectly construed as to meaning liability for the company when in fact it is not. These kinds of accounts belong to EQUITY on the Equity Statement.
e.g. Share Capital account cannot be of Type: Liability (Its just not correct or true per IFRS) – it can only be of Type: Equity
I kindly request that this minor Customisation request be considered and escalated to Acumatica. Please provide feedback if necessary. This is merely a suggestion for improvement to the product.