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Announcing the immediate availability of SAP Financial Consolidation 10.0 Support Package 07

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SAP Financial Consolidation is designed to speed financial consolidations – so enterprises can focus on the how and why of their financial events. Customers can deliver fast, accurate financial consolidations – and liberate their finance team to focus on strategy and analysis. Our financial consolidation software can help navigate multiple currencies, mergers and acquisitions, and evolving accounting standards and regulations – such as IFRS, GAAP, and the XBRL electronic filing format.

 

SAP strategy is to deliver innovation without disruption through support packages (SP) and today we are proud to announce the immediate availability of SAP Financial Consolidation 10.0 SP7, bringing major product enhancements and new features to help customers run their businesses better.

 

With SAP Customer Connection process, we’ve been able to leverage direct input from companies worldwide to help validate, specify, test and release new,
differentiated software capabilities. Customers told us that in today’s complex regulatory and reporting environment, businesses need software that gives them greater control over their finance operations and is still flexible enough for use by individual subsidiaries. The SP7 version is delivering better compliance and higher flexibility to provide the powerful functionality customers need to meet all compliance requirements and close their books with greater speed and confidence.

Key Benefits of the SP7

New feature to streamline IFRS compliance – Installation and update of the starter kit is now a product feature, providing customers with an unprecedented ability to maintain a reference database up to date with the latest version of the IFRS.

Better navigation – Searching historical consolidations is significantly easier and past consolidations can now be found much faster through more flexible context menu and stronger search and filtering capabilities.

New consolidation “snapshot” capability The “snapshot” feature allows to freeze a series of items such as filters of dimension members in order to better deal with pro forma statements, changes in accounting standards and auditability of consolidated data over time. 

Easier management of consolidations Consolidations can now be locked or unlocked in multi-selection, in addition to the one by one selection mode. This new capability improves consolidation managers’ lives when their enterprise deals with a lot of statutory consolidations and simulations.

Increased integrity and security – A new feature has been developed to prevent security breach in the process of generating reporting unit “packages”; bypassing or contravening enterprise security policy for locked reporting units is now impossible.

IFRS compliance documentation – A comprehensive subject matter expert paper condenses our unrivalled financial regulation expertise with an SAP-made summary of each IFRS standard and an illustration of how SAP Financial Consolidation starter kit for IFRS addresses each standard.

Demonstration Video Clip How SAP Financial Consolidation 10.0 SP7 deliver fast, accurate financial consolidations. Watch the clip here (YouTube).

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3 Comments

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  1. Sébastien MICHEL

    Hi,

    There is indeed great new features. I am very interrested by the “New feature to streamline IFRS compliance” functionnality.

    How does it work ? Does our application has to “connect” to a SAP server in order to get latest update ? Do you need a special database / data source organization in order to deal with specific setup customization which are outside of the core IFRS Standard Kit ?

    Also for IT people which may read this comment, we saw on our side a very big effort made by SAP R&D in latest SP release for SSO functionnalities 😉 It’s a very good point because they started from very far on this point. So good Job 😉

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    1. Pascal HUET

      Hi Sébastien,

      You don’t need to connect to SAP to get the latest starter kit version. It is bundled with the product setup itself, from the product SP7.

      It is indeed recommended to create a new database and datasource to install the starter kit for the first time. Then, this database should be considered as a reference IFRS database in which you can regularly install new versions of the starter kit.

      Hope this helps.

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  2. Nishan Dev S

    Hi Stephane,

    Thanks for update, this is gone real exciting, faster closure is always the target for the client I worked for. So certainly this worth considering it.

    Best Luck,

    Nishan Dev

    (0) 

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