Per Wikipedia, on the Automation page: “Use of machines, control systems and information technologies to increase productivity, and quality beyond that possible with current human labor levels so as to realize economies of scale, and realize predictable quality levels.” As an enterprise performance management (EPM) software provider our goal is to release automation to help enterprises deliver more accurate, auditable financial data; and do this faster. Within the financial consolidation domain, one of the key areas where automation adds value is the production of financial statements, such as cash flow or earnings, because investors always dig deep into these reports and analyze everything from the auditor’s report to the footnotes before investing in a company. By computing and automating manual actions, not only are risks of human errors minimized but, more importantly, the financial statements can be instantly calculated with great level of detail for analysis, review and decision-making. In addition these reports should be produced in accordance with the financial regulation whether generally accepted accounting standards (GAAP) or International Financial Reporting Standards (IFRS) the enterprise needs to comply with.
Pursuing our objective to improve CFOs and oCFO lives we’re proud to announce the immediate availability of SAP® Business Planning and Consolidation 10.0, starter kit for IFRS Support Package 4 on SAP NetWeaver – powered by SAP HANA™ which includes an increased level of automation to deliver financial statements according to the IAS 1 Presentation of Financial Statements standard.
Key Benefits Of The SP4
- Increased automation of financial statements
40 account based calculation rules have been created to increase automation of financial statements and all IAS1 compliant reports are now fully generated by business rules, with data stored directly within the system. Automated reports
include the Statement of Cash Flows, the Statement of Comprehensive Income – with the equity method line automatically generated through the software perimeter feature – and the Statement of Changes in Equity.
- Better scalability of Consolidation of Investment (COI) rules
Eliminations and adjustments rules have been revised and enhanced for better flexibility and scalability. Controlling and non-controlling interest automated calculations are now handled with account properties and customers can quickly and easily customize the starter kit to their specific requirements. This enhanced feature covers all COI activities including goodwill, dividend, investment, equity calculation, fair value and non-controlling interest.
- Reviewed EPM Add-In reports
All starter kit reports have been synchronized with the EPM Add-In version 10.0 support package 12 patch 8. In particular, context values have been fully tested to ensure smooth synchronization between workbooks and worksheets across data load, control and financial statements reports.
- Download the IFRS starter kit SP4 (SAP Service Market Place, login required)
- Release note SAP note 1801943 (SAP Service Market Place, login required)