--- title: "Accounting software for IFRS, US GAAP and GCC VAT" description: "Ledgeriano supports IFRS, IFRS for SMEs, US GAAP, European PCG charts and GCC IFRS with VAT and Zakat, with fiscal years that can start in any month." canonical: https://ledgeriano.com/standards language: en publisher: "Ledgeriano" updated: 2026-11-05 --- # Accounting software for IFRS, US GAAP and GCC VAT > Ledgeriano supports IFRS, IFRS for SMEs, US GAAP, European PCG charts and GCC IFRS with VAT and Zakat, with fiscal years that can start in any month. Ledgeriano is accounting software that adapts to the framework you report under. Each business picks an accounting standard, a region, a fiscal year and a base currency, then starts from a chart of accounts template built for that combination: IFRS, IFRS for SMEs, US GAAP, European local GAAP or GCC IFRS with VAT and Zakat. - **5**: accounting frameworks - **5**: chart of accounts templates - **20+**: currencies ready out of the box - **Any**: fiscal year start month ## Five frameworks, one ledger engine The double-entry engine is the same everywhere. What changes per framework is the chart of accounts, the statement categories behind each account and the tax accounts that come ready to use. Templates give you a correct structure to start from. Your accounting policies, disclosures and tax filings remain your responsibility or your auditor's; Ledgeriano does not certify compliance. ### IFRS International Financial Reporting Standards for listed and larger private companies. The IFRS template is structured by statement of financial position and profit or loss by function, for trading, service and manufacturing businesses. IFRS ### IFRS for SMEs The simplified international standard for private companies without public accountability. Use the IFRS template, or the small business chart when you need fewer accounts. SME ### US GAAP Generally accepted accounting principles in the United States. The template uses four-digit numbering and includes sales tax, payroll taxes (FICA, FUTA, SUTA) and 401(k) liabilities. US ### European local GAAP A continental chart based on the French Plan Comptable Général classes 1 to 7 (plus class 8), with suppliers 401, customers 411, VAT 4456/4457, banks 512 and cash 53. Usable with local GAAP and IFRS. EU ### GCC IFRS with VAT and Zakat IFRS for companies in the Gulf states, with input, output and reverse-charge VAT, Zakat, end-of-service benefits, GOSI, WPS payroll and post-dated cheques. GCC | Template | Regions | Standards | Accounts | Structure | | --- | --- | --- | --- | --- | | IFRS, general business | Global, Europe, Asia, Middle East, Americas | IFRS, IFRS for SMEs | ~202 | Assets `1`, current assets `11`, cash `110`, postable `1101` | | US GAAP, general business | Americas, global | US GAAP | ~200 | Four-digit numbers such as `1000` cash on hand | | Continental Europe, PCG classes | Europe | Local GAAP, IFRS | ~248 | Classes `1` to `7` plus `8`, such as `411` customers | | GCC, IFRS with VAT and Zakat | Middle East | GCC IFRS | ~213 | Six-digit subsidiary codes such as `110101` | | Small business, simplified | All regions | All five | ~97 | The essentials for freelancers and sole traders | ## Statements laid out the way IAS 1 expects Every framework uses the same IAS 1 structure, so a Dubai auditor and a Paris auditor read the same layout: the balance sheet runs from non-current assets to current liabilities, and the income statement is presented by function. ### Statement of financial position - Non-current assets - Current assets - Total assets - Equity - Non-current liabilities - Current liabilities - Total equity and liabilities ### Income statement by function - Revenue - Cost of sales - Gross profit - Operating expenses - Operating profit - Other income - Finance costs and other expenses - Profit before tax - Income tax - Profit for the period ## Summary accounts, postable accounts and detail on each line The chart of accounts is a tree: summary accounts add up the accounts below them, and entries are posted to the lowest level. Parties, cost centers and projects on each line then act as detail accounts, so you can see a balance per customer or per project without creating hundreds of accounts. ### Assets 1 Class ### Current assets 11 Group ### Cash on hand 1101 Postable ### Customer or project on the line C001 Detail ## Fiscal years that start in any month Each business sets the start and end of its own fiscal years. Most follow January to December, but any start date works, for example 1 April or 1 July, and a first or transition year can run longer than twelve months. - New businesses default to January to December - A subsidiary can run April to March while its holding follows the calendar year - Dates are stored in one format, so reports and the API stay consistent Guide: closing a fiscal year ## Your base currency, plus any active currency on entries Every business reports in one base currency and can record entries in other active currencies at a stored or typed exchange rate. Currencies available out of the box include: Each currency has its own decimal places (3 for the Kuwaiti dinar, 0 for the Japanese yen), and platform administrators can add more. - USD - EUR - GBP - CHF - CAD - AUD - AED - SAR - QAR - KWD - OMR - BHD - IQD - TRY - CNY - JPY - INR - SGD - MYR - KRW - RUB Guide: multi-currency accounting ## Every account can have a second name Accounts carry a name and an alternate name, for example the local-language title next to the English one. A local accountant and a foreign shareholder read the same chart, the same codes and the same balances. ### Cash on hand ### Trade receivables 1111 ### Sales of goods 4101 - Code - Name - Alternate name ## Standards and regions questions ### Is Ledgeriano suitable for companies in the Gulf? Yes. The GCC IFRS template includes input, output and reverse-charge VAT, Zakat, end-of-service benefits, GOSI and post-dated cheques, and entries can be recorded in AED, SAR, QAR, KWD, OMR or BHD. ### Can I switch from the IFRS template to my own chart? Yes. After installing a template you can add, rename or deactivate accounts, or start a fiscal year with an empty chart and build it yourself. The next year can copy your chart as it is. ### Does Ledgeriano file VAT or Zakat returns? No. The GCC template includes the accounts you need to track VAT and Zakat, and reports give you the balances, but filing is done with the tax authority. ### Can two companies in one group use different standards? Yes. The standard, fiscal year and base currency are set per business, so a French subsidiary and a Dubai holding company can live under the same login. See [multi-entity accounting](https://ledgeriano.com/guides/multi-entity-accounting). ### Does inventory costing follow IAS 2? Yes. The optional inventory and cost accounting module values stock with FIFO, weighted average or standard cost, uses specific identification (IAS 2.23) for lot or serial tracked items that are not interchangeable, carries it at the lower of cost and net realisable value, and absorbs production overhead with predetermined rates. LIFO is not offered. See the [inventory valuation and cost accounting guide](https://ledgeriano.com/guides/inventory-cost-accounting). ### Does Ledgeriano support ZATCA e-invoicing in Saudi Arabia? No. Ledgeriano does not issue ZATCA-compliant e-invoices (XML with QR code and cryptographic stamp) and does not connect to the FATOORA platform. Use a compliant e-invoicing solution for invoices and keep the books in Ledgeriano. See the [ZATCA e-invoicing readiness guide](https://ledgeriano.com/guides/zatca-e-invoicing-readiness). ### How do I account for UAE VAT in Ledgeriano? Start from the GCC IFRS template, which has input VAT recoverable, output VAT payable, reverse-charge VAT and a VAT settlement account. With the optional inventory module, sales and purchase invoices carry a VAT rate per line and the registers summarise net and VAT by rate. The [UAE VAT accounting guide](https://ledgeriano.com/guides/uae-vat-accounting) walks through a full quarter. ### How is Zakat recorded? The GCC template has a Zakat expense account and a Zakat payable account, so the provision is a normal journal entry at year end. The Zakat base itself is computed outside the ledger from your balances. See [Zakat accounting](https://ledgeriano.com/guides/zakat-accounting). ### What is the difference between the IFRS and US GAAP templates? Both follow assets, liabilities, equity, revenue and expenses, but numbering and some lines differ, and the standards differ on points such as LIFO (prohibited under IAS 2, allowed under ASC 330). The [IFRS vs US GAAP guide](https://ledgeriano.com/guides/ifrs-vs-us-gaap) lists the key differences. ### Is IFRS 18 supported? IFRS 18 replaces IAS 1 for annual periods beginning on or after 1 January 2027. Ledgeriano does not yet offer a dedicated IFRS 18 layout; today the income statement is presented by function with gross profit, operating profit and profit before tax, with prior-year comparison.