Essential NIIF Modules
Hierarchical NIIF Chart of Accounts
The chart of accounts uses a five-level hierarchical coding, separated by dots:
1. **Class** (e.g., 1 Asset)
2. **Group** (e.g., 1.1 Current Assets)
3. **Account** (e.g., 1.1.01 Cash and equivalents)
4. **Subaccount** (e.g., 1.1.01.02 National banks)
5. **Auxiliary** (e.g., 1.1.01.02.001 Banco Nacional – Current account)
Only last-level accounts allow journal entry posting; the others accumulate their children's balances. Each account also states its nature (debit or credit) and whether it is monetary, which the inflation adjustment uses.
1. **Class** (e.g., 1 Asset)
2. **Group** (e.g., 1.1 Current Assets)
3. **Account** (e.g., 1.1.01 Cash and equivalents)
4. **Subaccount** (e.g., 1.1.01.02 National banks)
5. **Auxiliary** (e.g., 1.1.01.02.001 Banco Nacional – Current account)
Only last-level accounts allow journal entry posting; the others accumulate their children's balances. Each account also states its nature (debit or credit) and whether it is monetary, which the inflation adjustment uses.