International Financial Reporting (IFRS) Community Overview
This blog explains how to use and benefit from the IFRS community on BPX. Read this blog if you are new to this topic and want to find out more.
What is the IFRS Community and the IFRS Area on BPX?
The IFRS area on BPX, is designed to support a community of business executives, accounting professionals and consultants who are implementing or planning to use the International Financial Reporting Standard (IFRS), especially using SAP solutions. There are other sources of information on IFRS such as on Wikipedia that provide a pretty good overview of the features inside IFRS and where it’s being adopted. SAP’s partners – many are audit firms and consultants – also have information and resources about IFRS on their websites. However, the real IFRS challenges are in implementation and this is where a community supported by this IFRS area on BPX, can help – especially for businesses using SAP solutions.
How can the IFRS Community help me?
First, several of SAP’s major consulting and audit partners have agreed to contribute blogs, papers and articles about IFRS. They have practical experience of implementing IFRS – much of it gained from implementations in Europe and other parts of the world over the last few years. Check out the IFRS blog pages to see what information you can find.
SAP has also created the IFRS and SAP – Frequently Asked Questions paper which is designed to answer many of your questions on how to implement IFRS using SAP solutions. There is no single approach that will work for every business as it depends on, for example, which version of SAP solutions you have or are planning to implement. There are in fact several alternative approaches each with its own advantages.
Another place to get help is through the International Financial Reporting Standards (IFRS). Here, you can ask questions of the members of the IFRS Community, about planning or conducting an IFRS implementation. But before you ask a question, please search the forums first as your question may have already been answered.
How you can help the IFRS Community
Although the IFRS Community is designed to help you with your IFRS implementation, you can also help the IFRS Community by replying to questions in forums and writing blogs or articles about your experiences in planning for and implementing IFRS. If you had IFRS implementation challenges which you overcame; found a good solution or approach to implementing IFRS; or want to contribute anything else that you think other people and businesses implementing IFRS will find helpful, please share it with the other members of the community. Go to the ABAP Frequently Asked Questions page to find out more.
You’re not alone …
Experience of implementing IFRS in Europe and elsewhere, has shown that a carefully planned and executed IFRS implementation project is almost always required to ensure success. Often, IFRS changes the way financial results are reported so it is important to “get it right”. To this end, there is no substitute for experience.
One good place to find experience is with your current auditor as they know your business. However, you will also benefit from the help of people who have implemented IFRS using SAP solutions before. Again the IFRS Community can help through the SAP EcoHub (coming soon) where you can find SAP Partners who offer consulting and other services to help you plan for and implement IFRS using SAP.
So welcome to the IFRS User Community and I hope that you find it useful and an enjoyable experience.