Announcing the Availability of Starter Kit for IFRS SP3 for SAP® Business Planning and Consolidation 10.0 for SAP NetWeaver – Powered by SAP HANA™
Streamline Compliance, Reduce Implementation Times
IFRS (International Financial Reporting Standards) are constantly evolving and SAP® Enterprise Performance Management (EPM) teams are dedicated to ensure that our products and solutions are enhanced in a timely fashion to meet regulatory evolutions. The IASB (International Accounting Standards Board) revised the presentation of financial statements, especially the statement of profit or loss and other comprehensive income (OCI) with amendments to both IAS 1 “Presentation of Financial Statements” and IAS 19 “Employee Benefits”. We are proud to announce that the SP3 release of SAP® Business Planning and Consolidation 10.0, Starter Kit for IFRS on SAP NetWeaver – Powered by SAP HANA™ has been enhanced to reflect these regulatory evolutions. The SP3 release is accompanied by a new Data Entry Guide business end-users documentation and with a series of four Demo Clips showing the power of SAP Business Planning and Consolidation for performing IFRS compliant reporting.
SAP is the unique software vendor providing our customers with on-going product updates according to global regulatory changes, as well as with unmatched business-oriented documentation that improve people’s lives within the enterprise.
SP3 Updates For Amendments To IAS 1 And IAS 19
According to IAS 1 a complete set of financial statements comprises a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows and notes such as the summary of significant
accounting policies and other explanatory information. The IASB issued limited amendments to IAS 1 regarding the presentation of other comprehensive income (OCI). These amendments should be applied for annual periods beginning on or
after 1 July 2012 with earlier application permitted. In addition the IASB issued amendments to IAS 19 that mainly impact the accounting for post-employment benefits such as pensions. Without going into details – because IAS 19 remains one of the most complex standards within IFRS – the main changes set out in these amendments can be summarized as follows: full balance sheet
recognition of the defined benefit plan surplus or deficit, no more option for the presentation of gains and losses arising from defined benefit plans, no more obligation to transfer accumulated OCI to retained earnings. These amendments should be applied for annual periods beginning on or after 1 January 2013 with earlier application permitted.
The starter kit for IFRS SP3 now integrates a description changes in OCI related to defined benefit plans to indicate they should now include all re-measurements and not only actuarial gains and losses (IAS 19) and distinguishes in OCI items that may or
may not be reclassified to P&L (IAS 1). To get the SP3 click here (login required, SAP Service Market Place).
Data Entry Guide
The Data Entry Guide is an exhaustive 52 pages document covering all steps required to input and control data in the starter kit for IFRS: Actuals, Corporate Budget and Corporate Forecast. This document provides the business end-user with insight on:
- Data load / data input principles including year-to-date and periodic approaches for the monthly corporate budget,
- Nnavigation within the actuals, corporate annual budget, corporate monthly budget and corporate forecast categories including data format, graphic charter and intercompany breakdown,
- General data entry principles with data signs, order of data entry, flows and local adjustments,
- Business process flows and related detailed activities description,
- Reports including balance, flow analysis, non-current non-financial assets, financial assets, other assets, net equity, liabilities, intercompany and all other operations, and
- Data validation and submission including cross-controls between P&L and cash-flow.
To download the SAP Business Planning and Consolidation 10.0, Starter Kit for IFRS on SAP NetWeaver – Powered by SAP HANA - Data Entry Guide document click here (login required, SAP Service Market Place)
This series of four demonstrations shows how the starter kit now goes beyond the legal IFRS consolidation processing and has been complemented with new capabilities to manage Budget and Forecast reporting at the corporate level, including pre-packaged comparison reports between monthly actuals, budget and forecast. To watch, share or embed the video on Actuals click here, Corporate Budget click here, Corporate Forecast click here and Automated Statement of Cash Flows click here (YouTube).
- Starter kit for IFRS SP3 firstname.lastname@example.org, email@example.com
- Data entry guide firstname.lastname@example.org
- Demo clips email@example.com
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Director, SAP Enterprise Performance Management