This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Newsbyte: New SAPA® Solution Helps Banking Institutions Meet Financial Reporting Requirements

WALLDORF, Germany, March 4, 2014 /PRNewswire/ -- SAP NEWSBYTE -- SAP AG (NYSE: SAP) today announced a new rapid-deployment solution that integrates reporting processes of International Financial Reporting Standards (IFRS) and Financial Reporting (FINREP) to meet new European Banking Authority (EBA) FINREP requirements and the impending July 1, 2014 deadline. The SAP® Financial and Regulatory Reporting for Banking rapid-deployment solution, packaged to deploy within weeks, enables banks to more closely integrate FINREP with IFRS reporting, which supports compliance through an aligned financial and regulatory reporting platform.

(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO)

To meet the upcoming FINREP requirements and to ensure accurate and compliant financial reports, banks are forced to act quickly. SAP experts worked with Deloitte Consulting to expedite FINREP and IFRS reporting support, bringing together their expertise in regulatory reporting for banking and the SAP® Financial Consolidation application to develop the new rapid-deployment solution that can be implemented in as little as six weeks.

The rapid-deployment solution provides customers more than 48 of the 65 FINREP templates and pre-configured content for all IFRS group reports, which supports companies in quickly complying with IFRS and FINREP reporting requirements and helps saves time. When coupled with the skills and knowledge of the SAP® Services organization or an SAP partner as a part of the deployment, the rapid-deployment solution best practices and the underlying SAP Financial Consolidation application help to accelerate the compliance effort and improve efficiencies of transitioning from one arena of compliance to another, as well as provide guidance on how to do a proper IFRS reporting.

"With IFRS- and FINREP-compliant banks around the world set to face major changes put forth by the EBA, it is important that these institutions have the latest and most efficient technology to remain leaders in their industry," said Dr. Bernd Welz, executive vice president and global head, Solution & Knowledge Packaging, SAP. "With this new rapid-deployment solution, banks can streamline the majority of the new reporting requirements in the same application and gain a competitive edge through time and resources saved. Strong data quality and process automation benefits help customers deliver highly reliable IFRS and FINREP figures consistently faster."

By working with expert business support from the Deloitte Consulting banking practice, the resulting SAP Rapid Deployment solution offers financial institutions a head start in meeting both IFRS and FINREP requirements. The solution provides a single data model for collecting and validating reporting data. By integrating the distinct IFRS and FINREP consolidation and reporting cycles within one application, it facilitates the reconciliation of the accounting standard with the supervisory reporting requirements from EBA.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs