My Oracle Support Banner

PeopleSoft supported releases - France Statutory Accounting Entries FEC (Fichier des Ecritures Comptables) Audit File, 2013 (Doc ID 1598320.1)

Last updated on AUGUST 24, 2021

Applies to:

PeopleSoft Enterprise
Information in this document applies to any platform.

Details

Purpose:

The objective of this note is to assist customers of PeopleSoftto understand the implications of the Legislative Update: France Statutory Accounting Entries FEC Audit File, 2013.

 

Statutory Accounting Entries FEC Audit File, 2013:

Effective January 1, 2014, new rules will require all companies subject to tax in France and under audit by the French tax authorities to produce audit documentation in a prescribed electronic format. This is a new statutory requirement that complements the printed mandatory journals required by law; this electronic audit File along with journals must be using the French GAAP.

All legal entities in France must comply with this law issued by the French Ministry of Finance DVNI (Direction des vérifications nationales et internationales)

Failure to comply can result in a penalty equal to 0.5% of the turnover amount of an audited year, with a minimum penalty amount of €1,500 by period being audited if greater than the amount of the 0.5% penalty.

The objective of fiscal authorities is to reduce the fiscal control time and to improve relationships between auditors & companies; auditors can verify the coherence between the audit File and the Accounting being reported (Liasse Fiscale based on ETAFI File).

 Consistency, completeness and reconciliation with Statutory and Fiscal Balance Sheet and Income Statement will be first checked among other controls by the algorithms imbedded in the audit software (ALTO II) used by the French Ministry of Finance DVNI department to analyze the millions of accounting entries collected per company. Inspectors can also make various queries and calculations before any fiscal control on site.

 

Applicable to:

PeopleSoft 9.0, 9.1, and 9.2.
Information in this document applies to any platform.

 

Solution:

The format of the FEC audit file is specified by the French Ministry of Finance, DVNI department. According to these specifications, the FEC audit file can either be a delimited file, or an XML file. The PeopleSoft solution will provide a delimited file using the “|” character as delimiter.

The PeopleSoft solutions will be released as follows:

An Application Engine program will extract account balances and accounting transactions out of various PeopleSoft accounting transaction tables into staging tables, from where the data will be exported into a delimited file.

 

Implementation:

The following assumptions are made regarding the current level of compliance with French Accounting Law by Legal Entities registered in France and using PeopleSoft Financials:

-          follow the French statutory accounting rules and valuation methods  (PCG).

-          use of the French statutory chart of account (PCG) in the account or alternate account fields

-          use of Euro as the functional currency.

-          use French language for the journal entries lines description  and chart of account values description.

-          have implemented Document Sequencing numbering for the Business Units to be reported.

 

Download Details:

Additional information will be released when the patch becomes available.

You can track progress of this feature through ER number 17071554

 

Actions

 

Contacts

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.