Can any body guide me what exactly there in SAP Data Center

Question

SAP Data Center

Answer 1

My thoughts on IFRS and how technology can be influenced to address the compliance.
The whole topic starts from the basic need of presenting financial statements to compliance authorities like SEC. In the US context, these statements are prepared in accordance with US GAAP. This is more a rule based compared to a principle based IFRS. The requirement in the near future would be to prepare financial statements based on IFRS. There are several areas where IFRS differs from US GAAP. First we need to know all these differences that impact a public organization. Only upon ascertaining the differing areas, can an organization address preparing financial statements per IFRS.
So, typically, there would be an overlapping period when financial statement need to be prepared per both the standards before it becomes mandatory. In order to accommodate these, SAP broadly has to options, either to have a separate ledger or separate accounts.  In the separate accounts method in a same single ledger, you can use those accounts that are common for US GAAP and IFRS. Create only those accounts that addresses IFRS specifics. These could be in a different number range and easily identifiable. With ECC6, you have the newGL feature, wherein you can have a leading ledger to address one set of standards and a non leading ledger for the other. Once an organization with the help of their auditors have scrutinized the differences, the decision to adopt could be easier.
The format of IFRS compliant financial statements are available through SAP's starter kit for IFRS. This kit can be integrated over and above the Busienssobjects Planning and Consolidation or Financial Consolidation.