Finance

Financial Consolidation - IFRS

Anaplan
Financial consolidation is riddled with complexities across multiple legal entities, account structures, intercompany eliminations, currency translations, and changing regulatory requirements. With Anaplan for Financial Consolidation, you can speed the financial close with a single platform that connects across your statutory and management reporting, budgeting, planning, and forecasting processes—all while complying with IFRS and GAAP standards.

Information

Business Function
FinanceFinancial Consolidation
Industry
All IndustriesBankingInsurance
App Last Updated
Size
925 MB
Language
English
Connects to
Can connect to the Planning, Budgeting and Forecasting app or any other software that with actual financial data
Terms & Conditions

App stats

Modules
146
Roles
5
Formulas
1200
Reports
69
Complexity
Master

Why Anaplan for Financial Consolidation - IFRS ?

Automate every phase of financial consolidation, from data import to adjustments and eliminations, and from currency conversion to reporting—all on a single, connected platform that speeds the close and increases confidence in the results.
Anaplan supports large entity and account structures, multi-GAAP reporting, multiple currencies, versions, and sub-group consolidations.
Be confident in your financial consolidation results, thanks to comprehensive functionalities across consolidation controls, workflow, audit trail, and security—all of which ensure consolidation data quality and accuracy from beginning to end.
Improve collaboration between controlling and consolidation teams. Break down rigid processes and empower local subsidiaries to close using local processes and procedures, all while maintaining corporate controls. Reconcile statutory and management consolidations with one flexible, connected, and collaborative system.
Anaplan’s Financial Consolidation app provides a pre-configured consolidation model that makes it easy and fast to tailor to your specific consolidation needs, driving significant time savings for the implementation and roll-out of the solution.

Features

What's new
General features
  • Gain depth of analysis with a multi-dimensional database
  • Manage multiple entities or account structures, multiple currencies, and GAAP frameworks
  • Manage movements in the balance sheet, allowing for an automated calculation of the consolidated cash-flow statement
  • Update status of consolidations instantly with a real-time data platform
  • Automate data load from source systems with import and mapping functionalities
  • Ensure data quality and consistency with user-owned controls, audit trail, and workflow
  • Empower local users to reconcile intercompany amounts at their level with peer-to-peer intercompany matching functionalities
  • Automatically convert financial statements from entities operating in foreign currencies
  • Automate recurring consolidation entries with rule-based consolidation process
  • Rule-based management of the changes in the group structure
  • Local or group-level journal adjustment capabilities
  • Automated calculation and reporting of consolidated financial statements
  • Pre-configured data model, data entry forms, controls, business rules, and consolidation reports
Data model and initialization
  • Pre-built chart of accounts with account rollup to the total line item of financial statements
  • Pre-built list of movements and assignments to balance sheet accounts
  • Ability to automatically load list of accounts, entities, and any other dimension
  • Ability to define entity hierarchies with multi-levels of rollup
  • Ability to carry forward amounts from one period to the other (opening balance process)
  • Define and load currency exchange rates and rate types: opening, average, closing, YTD, historical, etc.
  • Definition and load of tax rates to calculate deferred taxes
Data collection
  • Pre-built data entry forms to load trial balance data, intercompany amounts, and input movement flows in the balance sheet
  • Pre-configured controls provides continuous status on the quality and consistency of the data
  • Pre-built set of control reports help end-users check the overall quality of data
  • Local journals form that allow end-users to post correction or GAAP adjustment journals on the loaded data
  • Audit trail of corrected data input and journal adjustments
  • User access management that defines roles and data restrictions for end-users
  • Workflow process to validate data throughout the approval chain
  • History report tracking data edits: what, when, who
  • Data entry status dashboard that allows entity-by-entity tracking of data collection completion
Intercompany reconciliation
  • Peer-to-peer intercompany reconciliation at the balance and transactional levels
  • Reconcile intercompany amounts in both the functional currency of the entity and the group currency
  • Manage thresholds to define a materiality level for unmatched balances
Currency translation
  • Automate currency conversion using centrally managed exchange rates with automatic calculation of exchange rate differences
  • Convert different balances at different rates, and be able to explain with audit trail
  • Automatically convert financial statements submitted in local currency to group currency
  • Automate calculation of currency translation adjustment in the consolidated reserves
  • Convert local transactions into group/functional reporting currency
  • Multicurrency consolidation and reporting
Consolidation and journals
  • Consolidate at multiple organizational levels in a simple consolidation run
  • Unlimited consolidation processes and reporting—statutory, management, regional, tax
  • Manage multiple standards, including U.S. GAAP, IFRS, and any other GAAP
  • Standard consolidation entries—intercompany eliminations, goodwill recognition, investments elimination, consolidated reserves, and equity and minority interest calculations
  • Manage full integration, joint venture, partial ownership, and equity accounting methods of consolidation
  • Calculate indirect interest rates and automate calculation of minority interests
  • Support journal adjustments with ledgers, a sequencing of the journals, and workflow
  • Goodwill calculation based on an investment register
  • Consolidation versioning
  • Group consolidation status dashboard to monitor the overall consolidation process for each entity
Reporting
  • Pre-built consolidated financial statements, including balance sheet, income statement, statement of cash flow, and statement of change in equity
  • Provision of audit reports, allowing analysis and validation at consolidated level of the currency translation, journal adjustments, and the overall consistency of data
  • Set of analysis reports allowing drill-down from consolidated results to a contribution by entity or a breakdown by audit IDs
  • Dynamic Excel®, Word®, and PowerPoint® add-ins to interactively connect Anaplan consolidation with an Excel workbook, a Word document, or a PowerPoint presentation
  • Ability to compare multiple-version consolidations for a given process (V1 vs. V2 vs.-->Final) or between two or more processes (legal vs. management consolidations, actuals vs. budget vs. forecast, etc.)
  • Ability to deliver segment reporting and breakdown of financial statements by geographies and lines of business

What's new

January 29, 2016
  • Group structure by investments (and their impairments)
  • Unlimited consolidation sub-groups
  • Data input at the entity level: maintain control and visibility of the process, thanks to automatic checks of data coherence and workflow
  • Intercompany eliminations
  • Journals: local, group, and other types strictly identified so you can pass specific entries easily
  • Automatic rule system so you don't have to manually repeat hundreds of journals
  • Reports: local and consolidated statement (BS, P&L, cash flow, change in equity) and full audit trail reports by journal types, accounts, movements, sub-groups, and entities
  • CTA calculated and reported natively
May 5th, 2016
  • Improved Cash Flow reports with full trace-back to account movement values
  • Performance optimization

Terms and conditions

Anaplan

Application Terms and Conditions: BY CLICKING TO PROCEED WITH DOWNLOAD OF THE APPLICATION, YOU ACKNOWLEDGE THAT THE TERMS BELOW SHALL GOVERN YOUR ACCESS AND USE OF THE APPLICATION. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS, DO NOT CLICK TO PROCEED. THIS APPLICATION IS NOT PROVIDED BY ANAPLAN, INC. AND THESE TERMS ARE NOT OFFERED BY ANAPLAN UNLESS ANAPLAN IS NAMED AS THE PROVIDER ON THE DOWNLOAD PAGE. USE OF THIS APPLICATION REQUIRES A VALID SUBSCRIPTION TO THE ANAPLAN HOSTED SERVICE, WHICH IS ONLY AVAILABLE THROUGH A SEPARATE AGREEMENT BETWEEN YOU AND ANAPLAN. Application Provider. The application named on the download page of the Anaplan App Hub (the “Application”) is provided by the party named on the download page (the “Application Provider”). Anaplan, Inc. (“Anaplan”) is not the Application Provider unless named as such on the download page. Terms and Conditions. This agreement (the “Terms”) contains the terms and conditions governing your use of the Application unless you have separately agreed to other terms with the Application Provider. These Terms are entered into solely between you and the Application Provider and shall become effective upon your download, access or use of the Application. Anaplan is not a party to these Terms unless it is the Application Provider. Grant of Rights; Anaplan Agreement. The Application Provider hereby grants you the nonexclusive, nontransferrable, nonsublicensable right to use the Application solely in connection with your authorized use of the Anaplan hosted service (the “Anaplan Service”). Your right to use the Application does not include the right to use the Anaplan Service, which requires a separate agreement between you and Anaplan (an “Anaplan Agreement”). You are not permitted to copy or redistribute the Application, but you may load the Application into your instance of the Anaplan Service and modify the Application in connection with your permitted use of the Anaplan Service. Evaluation and Production Use. Your right to access and use the Application is provided on a temporary basis and is limited to evaluation use for a thirty (30) day period beginning on the date of download (“Evaluation Period”). If your subscription under the Anaplan Agreement includes the right to use the Anaplan Service for the use cases covered by the Application, then you may use the Application for production purposes after the Evaluation Period, or earlier if the Application Provider agrees. If you do not have an Anaplan Agreement that includes your right to use the Anaplan Service for the use cases covered by the Application, then your right to access and use the Application will automatically terminate at the end of the Evaluation Period without notice from the Application Provider or Anaplan. Reservation of Rights. The Application contains valuable intellectual property rights of the Application Provider and you are not permitted to use or exploit such intellectual property rights except as explicitly permitted in these Terms. The Application Provider reserves all right, title and interest in the Application except for the rights explicitly granted to you in these Terms. Your right to use the Application will terminate immediately upon any breach of these Terms by you, or upon the termination or expiration of your Anaplan Agreement. Either party may terminate these Terms at any time in its discretion by providing the other party with notice, at which time your right to access and use the Application will terminate immediately.

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