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Review the AC207 course description: http://www.sdn.sap.com/irj/scn/index?rid=/library/uuid/b012ca77-6f0e-2d10-7abc-8b77d56627ca 

 

Financial reporting in North America is being influenced by International Financial Reporting Standards (IFRS). Implementing is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations and may even impact the reported profitability of the business itself. To help you understand the impact of IFRS, SAP Education is providing education in the form of courses; solution briefs/white papers; and webcasts. 

 

BACKGROUND

 

International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.  From an SAP perspective, even though the impacts of IFRS are found primarily in the SAP Financials world, adherence to the standards will have a ripple effect across all companies and all industries.   SAP’s customers will need to make a fundamental decision regarding IFRS – use our classic GL or the NewGL – in order to comply.

 

Importance of IFRS

While converting to IFRS is a complex process, these standards have important and positive implications for organizations and individuals that adopt them.

  • For companies: Reduced cost of capital and the ease of using one consistent reporting standard from subsidiaries in many different countries.
  • For investors: Better information for decision making, leading to broader investment opportunities.
  • For national regulatory bodies: Better information for market participants in a disclosure-based system.

 

The Purpose of IFRS

Today businesses are crossing their national boundaries, promoting the synchronization of accounting standards across the globe. The objective behind the IFRS is to create a common platform for better understanding of accounting, internationally. By adopting IFRS, a business can present its financial statements on the same basis as its foreign competitors, making comparisons easier.   Keep in mind, standards present themselves in different ways. In accounting terms, standards are a mark of quality. International standards are international marks of quality, and specifically the IFRS. For the most part, IFRS is widely recognized as the leading standard to be adhered to. The quicker that local organizations move to working within this framework, the quicker the investment will flow.  It’s all about quality and transparency.

 

SAP Traditional Education

 

AC210 – New General Ledger (in SAP ERP) is a 5-day class that provides business process and configuration information related to the New General Ledger. The topics covered in the class are New GL configuration such as activation, define and derive segments, assigning scenarios, and customer specific fields; documents and document splitting; integration of Management Accounting into Financial Accounting dues to the New GL; the affect on profit center accounting and cost of sales ledger; New GL reporting; closing operations; parallel financial reporting; and an outline of New GL migration. Many students find this course a must before tackling the New GL at their companies.

Regarding parallel accounting (e.g. IFRS), the so called ledger solution (within new G/L) is explained and demonstrated. Important: The new G/L in its entity is a new way of gaining financial data quality, in a way which was not possible ever before, regardless of the accounting principles which have to be fulfilled. Companies still operating with SAP´s classic G/L do not have the chance to use the above mentioned ledger solution (within new G/L) but are also able to map parallel valuations. The approach they can use is called accounts solution. To get an impression of both possibilities, ledger- and accounts solution, please have a look at the new standard course AC207 (=> Parallel Accounting  Reporting).

 

AC212 – Migration to the New General Ledger is a 5-day successor of AC210 and is designed for students who have an excellent understanding of the New General Ledger and is responsible for its implementation. The course covers the available migration options from the classic general ledger to the New GL environment and goes into depth around the practical aspects of managing a migration, the services provided by SAP to monitor the migration, and practice in the actual migration process. Customers find this course important because they are able to address the important migration issues before trying it for themselves in their own environment. While not specifically related to the parallel accounting/valuation discussion, it is essential for companies required to migrate to the NewGL environment.

 

 

 

NEW!! AC207 – Parallel Accounting & Reporting for IFRS is a 3-day course designed for students who have an excellent understanding of the New General Ledger and are responsible for mapping parallel accounting/valuation (e.g. IFRS) within their companies The course will help you to understand basics regarding the mapping of parallel valuation/accounting in a SAP ERP system. After the course you should be able to describe, configure and operate the accounts and the ledger solution (within new G/L) on the basis of some typical showcases. Also you should be able to fulfil typical reporting requirements for international valuation standards. You will get a short overview of (additional) topics/processes which can be affected due to parallel valuation and will be able to outline the steps needed to be done to get a SAP system with release ECC 6.0 (with Enhancement Packages) and activated new G/L.

 

BOF250 – SAP BusinessObjects Financial Consolidation Foundation is a 4-day course designed for project team members and anyone involved in customizing the SAP BusinessObjects Financial Consolidation application.  The course covers database architecture, the main customization phases, setting up the collection of reporting data, the design of simple reports for data analyses, the stages of data collection, production of consolidation data, and data analysis through database query.  The BOF250 course provides an understanding of the  flexible reporting which is generally a requirement for any parallel accounting (IAS, IFRS, Basel 2…) project as well as the recommended SAP toolset and configuration for parallel accounting and reporting. 

 

 

UNDER DEVELOPMENT!!  AC607 International Accounting Standards / Valuation & Costing View:  3 days length on EHP5. Target date during Q2 2010.

 

IRFS SDN Community (Registration Required)

 

International Financial Reporting Standards (IFRS)

 

IFRS SDN Wiki (Registration Required)

 

 

SAP Premium Content (Registration Required)

 

Webcasts

 

Solution Briefs; White Papers

 

Successful Transition to IFRS with SAP Webcast Series (customer facing)

 

Additional Reading

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