SAP to host IFRS training in Nigeria

SAP, global enterprise application software developers, is training many of Nigeria’s Information Communication Technology (ICT) companies to meet international standards when presenting financial statements, an official told ITNewsAfrica.com on Monday.

The one-day ICT business seminar, dubbed International Financial Reporting Standards (IFRS) is taking place in the commercial capital city of Lagos on Thursday, 26th May.

SAP Solution Manager and Business Analytics for West Africa, Aderinola Oloruntoye, said the IFRS solution is a catalyst for business growth while simplifying compliance with Global Financial Standards.

He said countries around the world, including Nigeria, were adopting the IFRS, a set of methodologies and disclosure requirements for the preparation and presentation of financial statements.

“SAP’s approach to IFRS conversion has been highly commended by industry regulators and operators in Nigeria and across the globe,” said Oloruntoye. ”We don’t just enable listed entities to simplify their IFRS conversion but guide them to manage IFRS conversion beyond compliance.”

“The distinct value is our ability to help companies use IFRS conversion as an opportunity to answer the most critical questions that accelerate business growth and deliver high returns to shareholders,” said Oloruntoye.

He said the IFRS was more than just an accounting issue as it impacted on people, processes and technology.

About 4,800 customers have so far successfully transitioned to IFRS using SAP while most of those companies have also reduced their closing cycles.

SAP would share its industry leadership knowledge on how to simplify the process of conversion, breaking the myth and tension generated in the industry.

Oloruntoye said SAP believed that the requirement to convert to the IFRS might represent a major change in the way most companies currently prepare and present their financial results.

He said that adapting the current reporting standards from the local NGAAP to the new IFRS requirements would require a conversion project with input from SAP, consulting/audit partners, and the customer.

“The big question has always been: ‘why is SAP trusted by the leading IFRS subject experts and consulting firms?” Oloruntoye asked.

“The simple answer is that SAP IFRS solutions are globally acceptable and locally adaptable. They are globally acceptable because over 4,800 companies have successfully converted to IFRS using different options provided by SAP, and they’re locally adaptable because the SAP IFRS starter kit option provides preconfigured IFRS-compliant content, which can help you speed and smooth the transition process to IFRS,” said Oloruntoye.

By Okoro Chinedu