Software supports US compliance with international financial reporting standards
Syspro, provider of ERP software for manufacturers, announced its software enables companies to comply with the International Financial Reporting Standards (IFRS), the adoption of which will be phased into US use between 2010 and 2014.
The differences between US GAAP (Generally Accepted Accounting Principles) and IFRS have been narrowing since 2002, due to the efforts of the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).
International Financial Reporting Standards are standards, interpretations and the framework for the preparation and presentation of financial statements adopted by the IASB, whose goal it is to ensure that financial information is presented and understood in a uniform fashion, globally. A key requirement of IFRS is to use accrual-based accounting. This is "a cornerstone of revenue recognition, and the method Syspro has always assumed, making the transition to IFRS that much easier," said Joey Benadretti, president of Syspro USA.
Benadretti said his company "has studied IFRS extensively to ensure that the tool set inherent in the company’s ERP (Enterprise Resource Planning Software) enables users of SYSPRO software to adhere to the new standards, as required. Syspro software is used globally, and, therefore, the company strives to incorporate in its offering the toolsets and functionalities that enable both domestic and international operations to conform to the standards dictated by individual company policies." Adherence to international standards is a good business practice, he added.
Syspro calls its buyer landscape "PragmaVision," and says its customers consist of "pragmatic, visionary ERP executives who are driven by a desire for smart, but aggressive market growth." Benadretti says Syspro’s "more thoughtful approach to adopting new technology reflects the desires of its buyers, who are driven by business needs and not by the latest headlines."
Syspro ERP software is used by 14,000 licensed companies in more than 60 countries.
For more on GAAP, see also: Staying the course: Tech-savvy companies maintain ERP investments during economic downturn
– Edited by Renee M. Robbins, managing editor, MBT www.mbtmag.com