This blog discusses some of the issues in testing accounting software and in particular when validating and verifying International Financial Reporting Standards (IFRS), set by the International Accounting Standards Board (IASB). In a nutshell, IFRS is concerned with the preparation of financial statements. While GAAP ensures ....
As an accountant, CPA, and Quality Assurance Analyst, Jan Lundeen has done, reviewed, and tested many reconciliations during her career. She shares a few real-life examples from an accountant's point of view on account reconciliation and financial software testing.
The complexity of account reconciliation software places special demands on the testers of account reconciliation software. The primary challenge: There are two types of accounts to be reconciled, each with its own unique characteristics.
A new age is upon us: the Mobile IoT Period. Driven by the proliferation of mobile devices, and in particular the smartphone, we now face a complex and integrated infrastructure of technologies and concepts called the Internet of Things (IoT), all connected by mobile technology. The challenges we face to ensuring software quality for the myriad technologies that are being shaped by the Mobile IoT Period are daunting. Let’s take a look at the Top 7 Challenges in the Mobile IoT Period. Big Data Big data would not be possible without mobile network technologies to get the data from one [...]
San Francisco, CA (PRWEB) February 8, 2017
XBOSoft will mark its Tenth Anniversary at the DeveloperWeek trade show in San Francisco. Founder and CEO Philip Lew and marketing vice president Steve Gorhes will be at booth 241 for two full days (Feb. 14-15) during the run of the show, Feb. 11-16.
The company celebrated the milestone in January with XBOSoft’s employees in Beijing, China, who perform most of the software testing and software QA consulting.
We came, we saw, but we didn't quite conquer. XBOSoft had a wonderful time at the European Software Testing awards this year- and were very proud to have been nominated as one of the Finalists for the Best Overall Testing Project - Finance. Barclays Bank pipped us to the post - congratulations to them!
We're getting ready for tonight's European Software Testing Awards 2014 as we've been invited as Finalists for the Best Overall Testing Project – Finance. Let's see if our case study in providing manual regression testing with Agile Scrum workflow in Financial Accountancy space wins the category! To win the award we had to show evidence of commitment to high quality and standards, as well as effective utilisation of best practice methods and evidence of delivering projects on time and within budget. The software testing awards will be the first we've submitted in Europe, so wish us luck!
Testing XBRL, the financial reporting standard, requires domain knowledge in order to understand how to develop an effective test strategy. When we test XBRL, we need to first understand it’s specifications, taxonomy and instance documents: XBRL Specifications This defines specialized terms, indicates how to create financial reports based on XBRL Specifications, and how to create XBRL Instance Documents and XBRL Taxonomy.
Testing Securities Exchange Systems is very complex and requires a significant amount of domain knowledge. Many of the domain-related rules are related boundary values and the change of some values evokes other changes as well. Here are a few examples of where we always ensure adequate test case coverage to handle these situations:
We test accounting and financial software on a daily basis. Probably the most prominent thing we have to keep in mind when testing are the business rules. With accounting software designed to service US-based companies, they must adhere to GAAP, while International Financial Reporting Standards (IFRS) have had effect mostly for international M&A and international subsidiary transactions. However, in May 2011, the SEC published a paper incorporating IFRS into US GAAP with a migration plan. So many public companies and hence the accounting and reconciliation software that they use will soon have to incorporate these changes. One of many elements includes revenue recognition. Differences require a detailed, transaction-based analysis and therefore an understanding of business rules in the way companies operate and provide services.
We’ve been working with a financial application that does account reconciliation for several years now. The financial software we test conforms to SAS70 (Statement on Auditing Standards No. 70), so all of the data and workflows are designed according SAS70. Although we aren’t accountants, certainly testing this type of software needs a more careful eye than ordinary UI testing, so I thought I’d share some of the best practices developed by our team over the last few years.