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FIN Consolidation Challenges (Technical Requirements (Multiple ERP…
FIN
Consolidation
Challenges
Third Party
Requirements
Accounting Standards
US America – GAAP
Institution:
Financial Accounting Standards Board (FASB)
Securities and Exchange Commission (SEC)
American Institute of Certified Public Accountants (AICPA)
Declaration:
Accounting Standards Codification (FASB ASC)
Audit Trail
International – IFRS
Institution:
International Accounting Standards Board (IASB)
International Accounting Standards Committee (IASC)
International Financial Reporting Interpretations Committee (IFRIC)
Declaration:
International Accounting Standards (IAS)
Stock Market / Investors
Global (Financial) Health Reports
Footprint & Green Report
Dynamic Exchange Rates
Region / Countries
Currency Translation
Historical / Temporal Exchange Rate
Different Fiscal Year
Local Jurisdiction
Tax & Tax Return
Specific Financial Regulations
Technical
Requirements
Multiple ERP System
Data Quality Assessment
Spreadsheet Accounting
Data Security
Multiple Entities Data Import
Automatic & Manual Upload
Acquisition
Company specific
Requirements
Reporting Method
Company Structure / Subsidiaries
ICE Adjustments between Entities
Manual ICE Reconciliation & Correction
Partial Ownership (%)
Different Chart of Accounts in every Entity
Different (Accounting) Structure between Entities
Different Legal Forms (AG, GmbH, Co. KG, Limited, Inc.)
Account Model
Business Model
Credit / Debit Accounts
Contract Accounting
IAS 11 Construction Contracts
Controling
Communicating Accounting Requirement & Strategy
Observation & Supervision
Re-Modeling Enterprise Structure and Accounts
(acquisition, dispose, change)
User specific
Requirements
Transparency
Number & Types of Adjustments
Uniform Workflow for Submission & Approval
Insight into Legal Entities and Sub-Consolidation
Features & Functions
Utilize Consolidated Data for Strategic Planning
Compare Consolidation from different CCs