Construction Module configuration – financial statements (IFS Applications/IFS Cloud)
Request a meetingConstruction and engineering organisations typically have group structures comprising multiple entities, perhaps spanning multiple territories. To understand the financial position group-wide, a consolidated financial statement is essential. IFS provides powerful consolidated financial reporting functionality to several industries, including the construction sector. To deliver optimal value, the system must be configured to reflect specific business scenarios.
Financial consolidation is considered the most complex area in financial accounting. It must meet regulatory requirements, manage data securely, inform management decisions at group level, and accurately report across multiple layers of a business.
Platned can help. By analysing group structure and transaction workflows, our financial experts can set up the IFS system to generate the customised reports, balances and financial views a group requires which are not present in the standard system. Typically, most requirements can be met through configuration, avoiding the need for invasive changes to the core system. Where needed (for example executing an automated action), the team can develop and implement any essential customization required. Our solutions include accommodating specific legal consolidation adjustments, for example using historical rates for balance translations and handling equity adjustments. Where a company is not using IFS group-wide, our team can extract the balances to run consolidation with IFS.
The Platned team has successfully delivered financial consolidation reporting with powerful fiscal drill-down capabilities for groups operating over 40+ individual subsidiaries in multiple countries. Clients to date include Multiplex, Kelly Group, Globeleq, Decon Group, William Grant and Chemigraphic.
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