BDO Certifies Both Infor10 ERP Enterprise (LN) and Infor10 ERP Business (SyteLine) Enable Global IFRS Adoption and Ongoing Compliance
Infor, a leading provider of business application software serving more than 70,000 customers, today announced that BDO Audit & Assurance B.V., a premier accounting, tax, financial advisory, and consulting organization, has certified Infor10 ERP Enterprise (LN) and Infor10 ERP Business (SyteLine) as International Financial Reporting Standards (IFRS) compliant. BDO’s certification is the result of an extensive audit of the IFRS compliance capabilities, reliability and continuity in both applications. The certification demonstrates the ability of the solutions to enable companies in the manufacturing, distribution, and service industries to transition and adhere to IFRS standards and sustain compliance over time.
Infor10 ERP Enterprise and Infor10 ERP Business can be configured in response to statutory and management reporting requirements across multiple countries, organizational structures, and existing business system configurations. Organizations can use the applications across the enterprise as a single ERP system, or leverage it at every level of an organization — site, country, business unit or corporate. Additionally, the applications enable manufacturing companies to manage a myriad of changes including establishing new business locations, integrating acquired business units, and handling new reporting requirements. Investing in such technology helps these organizations improve financial process efficiency, reduce costs and meet IFRS standards.
Additionally, these applications help manufacturing companies comply with higher standards for transparency in business operations by enabling more detailed presentation of balance sheets and cash flow. The repercussions of noncompliance with statutory reporting requirements can be harsh, and companies that do not comply can be de-listed from public stock exchanges and suffer reduced market value.
“After stringent examination of both Infor10 ERP Enterprise (LN) and Infor10 ERP Business (Syteline), we have found both applications to be IFRS compliant and expertly designed to enable organizations to adhere or transition to these complex standards,” said Jur de Vries, Partner Information Technology at BDO Audit & Assurance B.V. “We examined numerous modules, including inventory, fixed assets, sales and purchasing, and each met our requirements for compliance with IFRS, an international accounting standard already required by more than 120 countries.”
“Infor10 ERP Enterprise and ERP Business are two of the leading ERP applications in the world, with more than 25 years of manufacturing know how built in,” said Mark Humphlett, director of ERP Marketing, Infor. “These best in class applications are already helping nearly than 10,000 companies worldwide reduce complexity, improve decision making, and drive innovation, and are now further differentiated by being certified compliant with IFRS requirements by BDO, one of the world’s leading accountancy and tax firms.”