The starter kit for IFRS (International Financial Reporting Standards) is a configuration of SAP® Financial Consolidation – part of SAP Solutions for EPM (Enterprise Performance Management) – designed to perform, validate and publish a statutory consolidation in accordance with IFRS.
As IFRS are constantly evolving, SAP Enterprise Performance Management ensures that regulatory evolutions are addressed in a timely fashion.
To that end, a new release (SP2) of SAP Financial Consolidation starter kit is now available that covers requirements included in the new and revised standards issued by the IASB (International Accounting Standards Board) in 2011. The main changes relate to the presentation of financial statements, especially the statement of profit or loss and other comprehensive income, as resulting from the amendments to IAS 1 (Presentation of Financial Statements) and IAS 19 (Employee Benefits).
A dedicated document is available here that summarizes the new requirements resulting from the IASB 2011 publications and analyzes the changes to be made in the Starter Kit.
To get an overview of all standards published or revised by the IASB in 2011, please refer to our previous blog.
To a comprehensive description of the SP2 new features (including regulation update and other topics), please consult the Release Note (SAP Marketplace).