Announcing the Availability of SAP Financial Consolidation 10.0, Starter Kit for IFRS SP2 including Regulatory Update
Availability of SAP® Financial Consolidation 10.0, Starter Kit for IFRS Support Package 2 including Regulatory Update
Streamline Compliance, Reduce Implementation
We are pleased to announce the general availability of SAP® Financial Consolidation 10.0, Starter Kit for IFRS Support Package 2 (SP2). This support package reinforces SAP Enterprise Performance Management (EPM) leadership in addressing regulatory evolution in a timely fashion and provides our customers with increased automation to accelerate their financial close.
Firstly, the starter kit has been updated to comply with the latest International Financial Reporting Standards (IFRS). In their April 2012 G20 Financial Track Communiqué the group of twenty finance ministers and central bank governors assessed “the efforts of the International Accounting Standards Board, IASB, and U.S. Financial Accounting Standards Board, FASB, to achieve convergence to a globally accepted set of high quality accounting standards and urge them to meet their target of issuing standards on key convergence projects by mid-2013, at the latest, in order to achieve a single set of high quality international accounting standards.” Anticipating on this recommendation the IASB issued nothing less than eight new and revised IFRSs, some of these directly impacting the consolidation segment of EPM customers.
In addition to these changes happening in accounting standards, customers are asking software vendors for more automation within their financial consolidation applications. The automation of Inter-Unit Profit and Loss in Transferred Assets (IPA) has been identified as one of customers key requirements for 2012 and beyond. IPA transactions happen when assets such as property, plant, and equipment are sold by one unit to another within the same group and should be eliminated to portray the group as a single entity. Already available in the starter kit SP1, the IPA elimination feature has been extended within SP2 in order to automatically account for depreciation adjustments according to the specified plan.
SAP® Financial Consolidation, starter kit for IFRS is created to deliver financial consolidation business logic on top of a powerful and agile consolidation application using both product and business best practices. This pre-configuration assists customers in setting up their application in order to adhere to IFRS while accelerating and securing the implementation project. The starter kit is pre-configured with input documents, rules, control reports, audit-trail and key financial statements for performing, validating and publishing a statutory consolidation in accordance with IFRS. To help accelerate the financial close process, this starter kit provides pre-configured financial reports mapped with the IFRS taxonomy as published by the IASB and for use with the SAP® Disclosure Management application, allowing customers to generate XBRL (eXtensible Business Reporting Language) instance documents as well as publishable financial statements compliant with IAS 1, IAS 7 and XBRL standards.
What’s new in SP2
- Updated Statement of Other Comprehensive Income (OCI) including grouping of OCI items which may be reclassified to profit or loss at a later date according to IAS 1 amended Presentation of Financial Statements and IAS 19 Employee Benefits
- Depreciation adjustments on internally acquired assets with booking of automatic journal entries in case of Internal Profit on Assets (IPA) to account for depreciation adjustments at the buyer company
- Series of minor enhancements regarding impairments on investments in subsidiaries, data set for illustrating mergers and acquisitions, goodwill booking and periodic conversion adjustments
- IFRS analysis Click here
- Download the starter kit for IFRS SP2 SAP Note 1731236 Click here (SAP Service Market Place)
- Installation guide and configuration overview Click here (SAP Service Market Place)
- Release note Click here (SAP Service Market Place)
- Contact information – firstname.lastname@example.org, email@example.com, firstname.lastname@example.org, email@example.com
Director, Enterprise Performance Management