SAP Offers IFRS Solution to Businesses
- By Abimbola Tooki
- Published May 23rd, 2011
- News
- Unrated
SAP will be sharing industry leadership knowledge on how to simplify the process of conversion to International Financial Reporting Standards (IFRS), a set of methodologies and disclosure requirements for the preparation and presentation of financial statements and break the myth and tension generated in the industry at an executive forum to be held this week in Lagos.
Countries around the world, including Nigeria, are adopting the IFRS but according to SAP, making a successful IFRS transition or convergence requires careful planning and thoughtful execution. IFRS is more than just an accounting issue. It impacts on people, processes and technology.
Aderinola Oloruntoye, solution manager, SAP Business Analytics, SAP West Africa, said SAP offers the most complete IFRS solution that addresses all facets of business as over 4,800 customers have successfully transitioned to IFRS using SAP and most of these companies have also reduced their closing cycles.
“SAP’s approach to IFRS conversion has been highly commended by industry regulators and operators in Nigeria and across the globe,” Oloruntoye said. “We do not just enable listed entities to simplify their IFRS conversion but guide them to manage IFRS conversion beyond compliance.”
According to him, the distinct value is our ability to help companies use IFRS conversion as an opportunity to answer the most critical questions that accelerate business growth and deliver high returns to shareholders adding that SAP IFRS solutions are not only well positioned in the global market as IFRS conversion systems, but also as catalysts for accelerated business growth.
Oloruntoye said SAP believes that the requirement to convert to the IFRS may represent a major change in the way most companies currently prepare and present their financial results. Adapting the current reporting standards from the local NGAAP to the new IFRS requirements, he said, will require a conversion project with input from SAP, consulting/audit partners, and the customer. Oloruntoye noted that “the big question has always been: ‘why is SAP trusted by the leading IFRS subject experts and consulting firms?’ The simple answer is that SAP IFRS solutions are globally acceptable and locally adaptable. They are globally acceptable because over 4,800 companies have successfully converted to IFRS using different options provided by SAP, and they’re locally adaptable because the SAP IFRS starter kit option provides preconfigured IFRS-compliant content, which can help you speed and smooth the transition process to IFRS.”
With SAP software, training and consulting services (locally available through partners), companies in Nigerian will have the opportunity to significantly reduce the time taken to become IFRS compliant; reduced reporting times by streamlining data-gathering and consolidation processes; improved transparency and visibility with precise audit trails for NGAAP and IFRS data requirements; and obtain reliable, transparent, and repeatable financial information management processes. “Chief Financial Officers and Chief Information Officers trust SAP for sustainable success in a highly dynamic business environment,” Oloruntoye said.
Countries around the world, including Nigeria, are adopting the IFRS but according to SAP, making a successful IFRS transition or convergence requires careful planning and thoughtful execution. IFRS is more than just an accounting issue. It impacts on people, processes and technology.
Aderinola Oloruntoye, solution manager, SAP Business Analytics, SAP West Africa, said SAP offers the most complete IFRS solution that addresses all facets of business as over 4,800 customers have successfully transitioned to IFRS using SAP and most of these companies have also reduced their closing cycles.
“SAP’s approach to IFRS conversion has been highly commended by industry regulators and operators in Nigeria and across the globe,” Oloruntoye said. “We do not just enable listed entities to simplify their IFRS conversion but guide them to manage IFRS conversion beyond compliance.”
According to him, the distinct value is our ability to help companies use IFRS conversion as an opportunity to answer the most critical questions that accelerate business growth and deliver high returns to shareholders adding that SAP IFRS solutions are not only well positioned in the global market as IFRS conversion systems, but also as catalysts for accelerated business growth.
Oloruntoye said SAP believes that the requirement to convert to the IFRS may represent a major change in the way most companies currently prepare and present their financial results. Adapting the current reporting standards from the local NGAAP to the new IFRS requirements, he said, will require a conversion project with input from SAP, consulting/audit partners, and the customer. Oloruntoye noted that “the big question has always been: ‘why is SAP trusted by the leading IFRS subject experts and consulting firms?’ The simple answer is that SAP IFRS solutions are globally acceptable and locally adaptable. They are globally acceptable because over 4,800 companies have successfully converted to IFRS using different options provided by SAP, and they’re locally adaptable because the SAP IFRS starter kit option provides preconfigured IFRS-compliant content, which can help you speed and smooth the transition process to IFRS.”
With SAP software, training and consulting services (locally available through partners), companies in Nigerian will have the opportunity to significantly reduce the time taken to become IFRS compliant; reduced reporting times by streamlining data-gathering and consolidation processes; improved transparency and visibility with precise audit trails for NGAAP and IFRS data requirements; and obtain reliable, transparent, and repeatable financial information management processes. “Chief Financial Officers and Chief Information Officers trust SAP for sustainable success in a highly dynamic business environment,” Oloruntoye said.
