SAP Business One is a comprehensive ERP solution that provide Parallel Accounting Systems for local VAS and for IFRS (International Financial Reporting Standards) compliance.
Configure the chart of accounts in SAP Business One to align with the IFRS reporting requirements. This includes setting up appropriate general ledger accounts to track various financial transactions and create meaningful financial statements.
Provide VAS + IFRS-compliant financial statements, including the balance sheet, income statement, and cash flow statement in multiple languages: English, Vietnamese, Chinese, Korean, Japanse
SAP Business One supports multi-currency transactions, which is essential for companies that operate in different currencies, complying with IFRS requirements for reporting financials in the functional currency and presenting foreign currency transactions correctly.
Configure revenue recognition rules in SAP to comply with the IFRS principles for recognizing revenue from contracts with customers. This involves identifying performance obligations, determining the transaction price, and allocating revenue to each obligation.
SAP Business One allows the recording of asset values at fair market value, which is an important aspect of IFRS accounting, especially for financial instruments and investment properties.
SAP Business One can be customized to track and assess the impairment of assets regularly, in accordance with IFRS requirements, ensuring that companies recognize any necessary impairment losses.
Utilize SAP Business One's asset accounting functionality to manage and depreciate fixed assets, adhering to IFRS guidelines for asset recognition and impairment.
Companies with subsidiaries may need to consolidate financial statements for IFRS reporting. SAP Business One provide a consolidation capabilities, it can be integrated any third-party consolidation solutions.
Customize financial reports in SAP Business One to include the required disclosures as per IFRS guidelines, providing transparency and relevant information to users.
SAP Business One provides an audit trail to track changes made to financial data, ensuring data integrity and compliance with IFRS requirements for financial statement audits.
Business transactions can have different meanings and/or valuation for local VAS and for IFRS purposes
