FINPRO IFRS

It is the FINPRO solution developed within the SAP system in a reportable and adaptable way according to International Financial Reporting Standards (IFRS) for companies with IFRS obligations. The solution creates a second trial balance and ledger system by harmonizing the accounting postings and reports in SAP with IFRS.

1. HOW DOES IT WORK?

• Many financial transactions such as accounts, loan follow-up, loan principal and interest accruals, maturity-based classification of financial liabilities and leases, loans used for qualifying assets, derivative instruments are all reflected in IFRS tables.

• Transactions such as cheques and their classifications, time deposits, credit card collections are also posted on IFRS basis.

• Accrual income and expenses of the next months is also calculated in line with IFRS depending on the chosen method whether it is day or period basis.

• All short and long-term employee benefits such as employee personal rights, social security payments, retirement benefits and compensations are also managed and accounted for separately through the HR system in accordance with the IFRS.

• Postings related to transactions such as shareholders’ equity, shares and share reserves, funds, dividends, affiliates, investments, taxes are kept separately in SAP in accordance with IFRS.

• Thanks to the SAP system, postings of provisions can be conducted manually or automatically in accordance with IFRS.

• IFRS specific useful life can be determined and depreciations can be separated for fixed assets.