cundus IFRS-Notes
Structured administration of your notes compliant with IFRS and UK GAAP in SAP NetWeaver®
The increasing pressure exerted by rules and regulations in the last few years, such as the duty to prepare consolidated accounts according to IFRS and UK GAAP, has led to a series of new requirements as regards financial accounting. However, essential activities are not best supported in all areas by standard accounting software. It is the extensive notes to the financial statements required according to IFRS and UK GAAP that make great demands regarding the compilation, administration and storage of the information - particularly since the notes to the financial statement consist of evaluations and comments as well as figures - all hard to administrate and evaluate using the customary means.
cundus IFRS-Notes has the certification „Powered by SAP NetWeaver“ from the SAP AG facilitating the adminstration of notes. It is a solution that has been integrated into SAP NetWeaver®. To do so, the SAP SEM®-BCS or SAP-ECCS® serve as a consolidation tools and the SAP® BW as an information system. Futher consolidation systems as SAP® BPC, SAP BusinessObjects™ Financial Consolidation, Hyperion Financial Management or Oracle Financial Consolidiation Hub can also be integrated.
cundus IFRS-Notes at a glance:
- Certificates of the SAP AG as „Interface Software for SAP NetWeaver®“ and „Interface Software for the SAP Business SuiteTM”
- Reduction and essential simplification of internal processes
- Saving time by the means of sample-form-set for IFRS
- Simple and quick creation as well as adjustments of web-based entry forms for the notes and report formats with Excel-based editor
- Saving of time and guarantee of consistency due to the central roll-out of changes in IFRS/UK GAAP
- Alignment of the notes with the balance data
- Validation of data for completeness and consistency XBRL output with cundus Financial Statement Factory
- Exact process overview and control (rollout and workflow management of notes along the group hierarchy)
- Analyses of notes for management (interpretation of qualitative and quantitative information)
- Quick retrieval of documents thanks to integrated search function (when filing results documents in knowledge management of the SAP® Enterprise Portal)
- Security due to the complete integration into the authorization concept of the SAP SEM®-BCS and SAP® Enterprise Portal
- Complete web interface based on SAP NetWeaver®
- Individual drawn-up of entry forms easily feasible
- Support of the financial auditor due to fixed calculation logic, validation functions, analyses and reporting
- Integrated test conformal reporting for all notes
Timely preparation of the balance sheet by means of standard forms and workflow management
The figures necessary for the consolidated accounts and P&L are usually gathered in a structured way and processed by means of consolidation software. Comments and supplementary data to draw up the notes, however, often wander through the company as Excel or Word documents. This means that any direct relation to the consolidation and reporting process is lost and problems regarding inconsistencies and processing are inevitable. Not so by using cundus IFRS-Notes: comments and supplementary information are drawn up and processed in a structured way, becoming an integrated component of the financial statement process. The predefined UK GAAP-compliant but individually drawn-up forms will constitute an indispensable instrument for those responsible for the overall process. Who may and has to gather what data when will be decided by the integrated workflow management system. Validaiton rules can determine which fields have to be completed and whether, in the case of figures, they are also consistent with the consolidation process e.g. with SAP SEM®-BCS, SAP SEM®-ECCS SAP® BPC, BusinessObjects Financial Consolidation, Hyperion Financial Management or Oracle Financial Consolidation Hub. Any delays, mistakes or inconsistences become evident early on and can be reacted to in a short time.
The time that has to be spent on the coordination and administration of the financial statements process is greatly reduced and the controller and accounting experts can finally, once again, focus on the contents. The drawing up of the balance sheets and accompanying notes is accelerated and timely preparation of the balance sheets is thus ensured. And last but not least, the time and money expended on accounting is also cut.
Functionality
The forms are administered in a central library. The concept of central administration means that IFRS or UK GAAP changes and other adjustments can be easily rolled out. Moreover, links to the databases from the SAP SEM®-BCS, SAP SEM®-ECCS, SAP® BPC, BusinessObjects Financial Consolidation, Hyperion Financial Management or Oracle Financial Consolidation Hub can also be created and the data validation rules can be defined with reference to each other. Data can be conveniently gathered via the web. Using workflows, the forms for notes can be sent, completed and then summarized along the entire group hierarchy. The integrated reporting functionality means that all the contents can be evaluated and presented in reports. Thus the comments regarding a certain topic, for example, can be selected and presented in a structured manner according to group division and market segment.
Consistent use of SAP NetWeaver technology
cundus IFRS-Notes is running on the SAP NetWeaver application server. The user interface as well as use are based on the latest SAP NetWeaver technology. The software is completely integrated into the authorization concept of the SAP® NetWeaver Portal and can be seamlessly linked to the SAP SEM®-BCS, SAP SEM®-ECCS, SAP® BPC, BusinessObjects Financial Consolidation, Hyperion Financial Management or Oracle Financial Consolidation Hub. Furthermore, the results documents can continue to be saved at any time in the SAP® NetWeaver Portal. The data and business logic of cundus IFRS-Notes will be stored centrally in the SAP Business Warehouse.
