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SAP enhances tools for IFRS compliance

GRC Announcements | September 13, 2016

SAP has released the latest enhancements to its revenue accounting platform designed to help CFOs and chief accounting officers master the new IFRS 15/ASC 606 standards. These new accounting standards apply to all entities — public, private, and not-for-profitthat have contracts with customers and will supersede virtually all current revenue accounting requirements.

The SAP Revenue Accounting and Reporting application automates and simplifies revenue accounting and supports companies as they comply with both current and impending accounting standards. This is the first in a series of International Financial Reporting Standard (IFRS) solutions from SAP designed to help finance executives comply with IFRS 15, IFRS 16, and IFRS 9.

“CFOs are facing a perfect storm of accounting regulation, with three major IFRS standards converging in rapid succession,” said Thack Brown, general manager and global head of line of business finance, SAP. “Time to implement these...

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