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Business apps get IFRS stamp of approval

Veronica C. Silva | July 24, 2012
Audit by BDO Audit & Assurance reveals that Infor business applications can help companies comply with global financial standards.

With many countries now required to comply with International Financial Reporting Standards (IFRS), organisations are relying on business applications that have been audited to be compliant with the global standards.

New York-headquartered Infor said its business applications for enterprise resource planning (ERP) and corporate performance management (CPM) have been certified by BDO Audit & Assurance B.V., one of the top accounting, tax, financial advisory, and consulting firms operating worldwide.

After extensive auditing by BDO, Infor said its Infor10 Corporate Performance Management (CPM), Infor10 ERP Enterprise (LN) and Infor10 ERP Business (SyteLine) have been certified to be IFRS-compliant. With this certification, the Infor solutions are seen to exhibit capabilities that will allow organisations to transition and adhere to IFRS standards. Infor said this type of compliance suits   companies in the manufacturing, distribution, and service industries. 

"After stringent examination of Infor10 CPM, Infor10 ERP Enterprise (LN) and Infor10 ERP Business (Syteline), we have found all three applications to be IFRS compliant and expertly designed to enable organisations to adhere or transition to these complex standards," said Jur de Vries, partner, information technology, BDO Audit & Assurance B.V.

"We examined numerous modules, including inventory, fixed assets, sales and purchasing, and each met our requirements for compliance with IFRS, an international accounting standard already required by more than 120 countries. As the number of countries adopting IFRS standards continues to grow, applications like Infor10 CPM, Infor10 ERP Enterprise and Infor10 ERP Business, become imperative for any organisation with global operation, IFRS and other regulatory reporting requirements," de Vries added.

Compliance capabilities

The Infor10 CPM can help organisations effectively report, plan and enhance business performance with budgeting, forecasting, planning, financial consolidation, strategic planning, reporting and analysis capabilities. With the IFRS certification, organisations can easily comply with international reporting and analysis capabilities across multiple country locations, thus, eliminating tedious business processes.

Meanwhile, the Infor10 ERP Enterprise and Infor10 ERP Business can be configured to meet statutory and management reporting requirements. The application can be used as a single ERP management solution, Infor said, but still allowing organisations flexibility to adjust for business changes, such as establishing new business locations, integrating acquired business units, and handling new reporting requirements.

Infor said that with these applications, companies can improve financial process efficiency, reduce costs and meet IFRS standards.

"Implementing Infor10 Corporate Performance Management to help ensure IFRS compatibility enables greater financial and operational transparency, so companies have accurate information faster and can make better, fact-based decisions. No matter the industry, Infor10 CPM applications help our customers to navigate the complex business environment with information they can depend on and trust," said Rod Radojevic, director, solutions management, Infor. 

 

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