Conversion engine and financial reporting system using the conversion engine

A computerized management system for converting journal entries from a first reporting standard to a second reporting standard different from the first reporting standard, the system comprising:

• a source of journal entries conforming to the first reporting standard, each journal entry comprising classification information for classifying the journal entry;
• a rules database comprising one or more rules tables for storing conversion rules for converting journal entries from the first reporting standard to the second reporting standard;
• and
• a processor programmed as a conversion engine for generating journal entries for a first set-of-books based on the journal entries from the source of journal entries, wherein the journal entries for the first set-of-books conform to the second reporting standard, the processor being programmed to:
• access a journal entry from the source of journal entries;
• determine whether any of the conversion rules stored in the rules database are applicable to the accessed journal entry in dependence on the classification information of the accessed journal entry, and, if so, applying the applicable conversion rule to the accessed journal entry, thereby converting the journal entry from the first reporting standard to the second reporting standard;
• and
• generate a journal entry for a second set-of-books, wherein the journal entry for the second set-of-books reflects adjustments resulting from the converting of the accessed journal entry from the first reporting standard to the second reporting standard.