How Cloud ERP Software is Becoming Non-Negotiable to Grow Your Business
We have the right solution for your IFRS
First-time Adoption of International Reporting Standards
SAP Business One is a comprehensive ERP solution that provide Parallel Accounting Systems for local VAS and for IFRS (International Financial Reporting Standards) compliance.
ICC help FDI and MNC companies in Việt Nam run better with VAS + IFRS on SAP Business One
How SAP Business One can be adapted for IFRS compliance
Parallel Accounting Systems
Business transactions can have different meanings and/or valuation for local VAS and for IFRS purposes
3 different types of G/L accounts in the chart of accounts to support both local VAS and IFRS-related postings
-
Local G/L accounts – for local VAS purposes only
-
IFRS G/L accounts – for IFRS purposes only
-
Common G/L accounts – for both local VAS and for IFRS purposes
Possible Posting Scenarios
SAP Business One allows you to cover the following scenarios in your accounting system:
-
A transaction has the same impact for the local VAS and for the IFRS rules. The transaction is posted to the common G/L accounts; for example, a purchasing invoice for services.
-
A transaction has different valuations for the local VAS and for IFRS. It is posted in parallel to both local and IFRS G/L accounts; for example, pension liabilities or depreciation of fixed assets.
-
A transaction is required only by local VAS rules. It is posted to local G/L accounts only; for example, a specific provision.
-
A transaction is required only by IFRS rules. It is posted to IFRS G/L accounts only; for example, financial leasing.