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
01. Chart of Accounts
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.
02. Compliance Reports
Provide VAS + IFRS-compliant financial statements, including the balance sheet, income statement, and cash flow statement in multiple languages: English, Vietnamese, Chinese, Korean, Japanse
03.Multi-Currency Management
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.
04. Revenue Recognition
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.
05. Fair Value Reporting
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.
06. Impairment of Assets
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.
0.7 Asset Accounting
Utilize SAP Business One's asset accounting functionality to manage and depreciate fixed assets, adhering to IFRS guidelines for asset recognition and impairment.
08. Consolidation
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.
09. Disclosures
Customize financial reports in SAP Business One to include the required disclosures as per IFRS guidelines, providing transparency and relevant information to users.
10. Audit Trail and Data Integrity
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.
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
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Local G/L accounts – for local VAS purposes only
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IFRS G/L accounts – for IFRS purposes only
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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:
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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.
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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.
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A transaction is required only by local VAS rules. It is posted to local G/L accounts only; for example, a specific provision.
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A transaction is required only by IFRS rules. It is posted to IFRS G/L accounts only; for example, financial leasing.
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Muoi DO | BOD Trasas
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