SYSPRO SOFTWARE FACILITATES IFRS COMPLIANCE
10.15.2009 – COSTA MESA, Calif. – October 15, 2009 – SYSPRO, a provider of visionary ERP Software for the manufacturing pragmatist, announced today that its software enables companies to comply with the International Financial Reporting Standards (IFRS), the adoption of which will be phased into the USA between 2010 and 2014.
The differences between US GAAP (Generally Accepted Accounting Principles) and IFRS have been narrowing since 2002, due to the efforts of the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB).
International Financial Reporting Standards are standards, interpretations and the framework for the preparation and presentation of financial statements adopted by the IASB whose goal it is to ensure that financial information is presented and understood in a uniform fashion, globally.
A key requirement of IFRS is to use accrual-based accounting, a cornerstone of revenue recognition, and the method SYSPRO has always assumed, making the transition to IFRS that much easier.
SYSPRO said it has studied IFRS extensively to ensure that the tool set inherent in the company’s ERP (Enterprise Resource Planning Software) enables users of SYSPRO software to adhere to the new standards, as required.
According to Joey Benadretti, president SYSPRO USA, “SYSPRO software is used globally, and, therefore, the company strives to incorporate in its offering the toolsets and functionalities that enable both domestic and international operations to conform to the standards dictated by individual company policies. Adherence to international standards is a good business practice.”
SYSPRO’s more thoughtful approach to adopting new technology also reflects the desires of its buyers who are driven by business needs and not by the latest headlines. This exemplifies SYSPRO’s ongoing strategy of helping to simplify the success of its customers. SYSPRO calls its buyer landscape “PragmaVision,” ™ consisting of pragmatic, visionary ERP executives that are driven by a desire for smart, but aggressive market growth.
About SYSPRO
Since its inception in 1978, SYSPRO has been delivering state-of-the-art business solutions to some of the world's leading companies. As a global leader in the production of world-class ERP software, the company now caters to the specialized needs of 14,000 licensed companies in more than 60 countries worldwide. SYSPRO is marketed globally through regional territory distribution centers and a global reseller network in the US, Canada, Africa, Asia Pacific, Australia and the UK.
SYSPRO is a fully integrated business software solution that provides complete control over the planning and management of all facets of business including accounting, manufacturing and distribution operations in a variety of industries.
For additional information on SYSPRO, call Stanley Goodrich at 714/437-1000 or go to www.syspro.com
All company names and products mentioned in this release are trademarks or registered trademarks of their respective holders.
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