Hi Elma
Please find reply which mentioned in Italic font and
Do you mean that I should set the parameter " version " as the one I want it to be, like FH1, which should apply IFRS, and create tasks and methods within this environment. Is it right?
After creating Version need to define specific configuration in special version relates to Version FH1. Here you need to define the setting which need to consider for IFRS like accounting object, hierarchy structure and other setting available.
I am still confused about how exactly the system knows which accounting rules it should apply?
Based on the setting maintain in Version and special version and also version maintained in parameter. system will understand accordingly.
And this makes me to think of another question that is, do I need to create the same tasks for different versions?
It depend on your business requirement that they might you the same task but the methods would be different or not. Act accordingly
Do you have any documents related to these terminologies which can be shared with me ?
Sorry no documentation available. But Gregory Misiorek provided good information about SEM BCS and IFRS. Please find below link which might be helpful which contains more post. (select more post button for further blog on the topic)
http://scn.sap.com/people/gregory.misiorek/blog/2009/11/01/which-ifrs-are-needed-for-your-sem-bcs
Regards
Rajesh SVN