How can Romanian organizations implement the International Financial Reporting Standards easily and fast? | SIVECO Romania

How can Romanian organizations implement the International Financial Reporting Standards easily and fast?

Thursday, December 9, 2010

The Financial-Accounting Management Component from the integrated package SIVECO Applications 2011 is very useful both to companies in the transition period to IFRS, and to those already applying the international reporting standard

Bucharest, 9th of December 2010 - Aligning to the IFRS standard (International Financial Reporting Standards) represents a challenge for Romanian companies. In order to help them, SIVECO Romania has developed two special modules, within the Component of Financial- Accounting Management as part of the integrated information package SIVECO Applications 2011. These allow re-treating financial-accounting operations for the companies found in the period of transition to IFRS or getting the financial situations according to IFRS for the companies already applying this standard.

Produced under the guidance and through direct collaboration of a large number of specialists in the financial-accounting sector, expert accountants, analysts and programmers, the Financial- Accounting Management Component is adapted to any type of organization, irrespective of its size, property structure or the scale of its fields of activity.

The application's structure aims at covering a full financial-accounting, starting with the management of primary issued/ received documents, and going further with collection/ payment operations, possibilities for settling of amounts towards certain partners, the trial balances, and up to editing analysis reports. This flow of activities is reflected in the menu the user has available for commands' selection.

The Financial - Accounting Management Component has a modular structure, allowing data collection in a simply manner, while the information is introduced into the system only once. Form the architecture point of view, the system meets the international standards of organization and management.

Compliance with the legislative requirements of the European Union has lead to the development of modules and functionalities allowing the following:

• Record of the VAT payers' codes for the companies paying VAT;
• Records on the Tariffs' codes according to the Combined Reference Directory;
• Obtaining the specific reporting situations: Reviewing Declaration, Inter-state Procurements/ Deliveries, Register of non-transfers, Register of Goods received from another Member State.

"The users so far of the product have contributed to its improvement through the high level of the requirements expressed and through the continuous communication with us, the producers of the integrated package SIVECO Applications 2011. SIVECO Romania makes a duty of honor from its continuous concern regarding the customers' requests", says Lacramioara Barseti, Product Manager of SIVECO Applications.