IFRS and US GAAP

SAP FI ensures transparent reporting that goes in line with international standards

Contact Us>>

SAP FI hosts all data needed for the preparation of financial statements according to IFRS and US GAAP methodologies

International Financial Reporting Standards (IFRS) is a set of standards that are used to prepare financial statements for investors (both real and potential), so they can see a complete financial picture of the company and act accordingly.

In turn, US GAAP is an alternative system of financial accounting standards and principles most commonly used in the United States.

Because these methodologies are considered to be well-established, a lot of countries refer to IFRS and US GAAP and many governments strive to have their national standards equal to them.

Pharmaceutical, insurance, banking, retail, and other industries follow IFRS and US GAAP standards.

Due to the possibility of maintaining parallel accounting, the SAP FI module displays all information required for the creation of financial statements according to these standards.

SAP FI has a pre-configured toolset that allows displaying operations according to international standards. You can manage several types of accounting simultaneously without any extra accounting systems or databases.

Simplify your financial accounting with SAP FI

The SAP FI module allows you to maintain parallel financial accounting according to national, tax, IFRS, and US GAAP standards.

 

How does SAP FI make financial accounting more accurate and convenient?
Ensure maximum transparency of all processes in the system

Ensure maximum transparency of all processes in the system

 

Create documents in parallel ledgers

Create documents in parallel ledgers

 

Maintain various valuations of fixed assets and company’s stocks

Maintain various valuations of fixed assets and company’s stocks

 

Keep records in several currencies at the same time

Keep records in several currencies at the same time

 

Prepare reports based on different analytics concepts

Prepare reports based on different analytics concepts

 

Avoid data duplication by integrating FI with other SAP modules

Avoid data duplication by integrating FI with other SAP modules

 

 

Define the landscape to implement the module

SAP S/4HANA Implementation

  • New generation ERP system that enables digital transformation
  • It will replace the traditional SAP ECC after 2027
  • Cloud, on-premise and hybrid deployment
  • Built-in predictive analytics
  • Improved performance and faster processing of large data volumes
 

SAP ECC Implementation

  • SAP ECC and modules will no longer be supported after 2027
  • Limited functionality, which is a barrier to digital transformation
  • Lack of in-built intelligent technologies
  • Outdated SAP ECC features
  • Only on-premise deployment (database with disk drives)
 

Take advantage of LeverX’s expertise to apply all international reporting standards with SAP FI

All data required to create financial statements in accordance with national and international standards is collected and displayed in SAP FI.

How to implement SAP FI in your company's processes, taking into account all the specifics of the industry and your business? Should you integrate SAP FI with other SAP modules (MM, SD, EWM, etc.)? How to configure the correct operation of the system and keep it running smoothly?

Thanks to the hands-on experience of implementing SAP Financial Accounting in the business processes of large manufacturing enterprises and a great number of successfully completed SAP FI projects in Europe and Asia, the LeverX team will answer all questions above and help your organization conduct financial accounting processes much faster and more efficiently, in this way allowing you to control the company's cash flow with the SAP FI module.

Choose SAP FI for maximum transparency in financial transactions and compliance with international standards!