Consolidation
Upheaval in International Group Accounting
In recent years, international accounting has gained considerably in importance. Since 2005 or 2007, all capital market-oriented groups must create consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS).
The requirements placed on accounting have clearly increased through the conversion to IFRS. The International Accounting Standards (IAS/IFRS) insist on comprehensive note specifications, segment reporting, a statement of stockholders’ equity, as well as a capital flow statement for a complete annual report.
However, the IFRS requirements for consolidated financial statements are currently undergoing a radical period of transition. A number of relevant regulations have been extensively revised by the improvement project, the convergence project, and by the business combinations project. Existing options and inconsistencies are dropped in favor of an increasing convergence between IFRS and United States Generally Accepted Accounting Principles (US-GAAP).
A company can only face this challenge with an efficient consolidation solution. Data that has been entered for consolidation purposes can also be made available for management reporting. As a result, it serves to integrate internal and external reporting.
As a complete solution partner, cundus AG offers consolidation and reporting solutions that are selected according to customer requirements and are individually tailored to their industry, process and organizational structure.
Overview of Steps Towards Group Consolidation:
- Consolidation of debts
- Elimination of intercompany profits
- Consolidation of costs and revenue
- Deferred taxes
- Capital consolidation
- Minority interests through balancing items for minority shareholders
cundus simplifies the demanding consolidation process with integrated complete solutions for group accounting.
Customer-Specific Consolidation Solutions as a Central Management Information System
Special features in terms of the organizational and process structure or industry often require adaptations to the manufacturers' standard consolidation solutions for special customer requirements. Consolidation solutions from cundus enable data that has already been collected for the IAS/IFRS consolidated financial statements to be evaluated for different purposes; for example, for group-internal analyses and reports from a management perspective, or for the consolidated financial statements in accordance with the Commercial Code (HGB).
Other group-internal evaluations, such as by country or region, by product group, market segment, cost center or segment can also be carried out.
What is Different About the Consolidation Solutions from cundus?
cundus offers an integrated solution for group accounting and Business Intelligence. This ranges from the business design through to the technical implementation. Technical support comprises among other things the implementation and modification of the software through to installation at the various global locations.
The business design includes all relevant aspects such as the functional implementation of individual standards, the consolidation of internal and external accounting, and the optimization of internal processes.
Key focus points for accelerating the financial statements include the quality of the reporting data, the reporting channels in the group, as well as intercompany reconciliation and reporting. Here, cundus AG enhances the established consolidation systems from market leaders (such as SAP®) with its own, certified software solutions (such as cundus iasNotes: Structured management of your IFRS-compliant note specifications in SAP NetWeaver®).
Consolidation Software
The cundus AG solution is based on the products of SAP AG. SAP SEM® BCS, SAP BusinessObjects Planning and Consolidation and SAP BusinessObjects Financial Consolidation are the solution platforms for future-oriented consolidation solutions.
cundus supports you in the decision-making and selection process for one of these consolidation systems based on a concrete, detailed analysis of the information flows in your company and your information needs.
Our consultants have extensive functional knowledge of accounting in accordance with both IFRS and HGB. By combining functional expertise and excellent technical know-how, we offer consolidation, planning, and reporting solutions from a single source.
