What is corporate policy in SAP FI-LC - Consolidation?

SAP Term: corporate policy

• Component: FI-LC

• Component Name: Consolidation

• Description: The group guidelines governing the preparation of individual financial statement data for consolidation. Among other things, these guidelines specify the: Data to be reported Valuation rules for any standardization of data required

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• Key Concepts: 
  FI-LC Consolidation is a component of SAP software that allows companies to consolidate their financial data from multiple legal entities into one set of financial statements. Corporate policy is a set of rules and regulations that govern how a company operates and how it interacts with its stakeholders. It includes topics such as corporate governance, ethics, sustainability, and compliance. 
  
  How to use it: 
  FI-LC Consolidation can be used to ensure that all financial data from multiple legal entities is accurately consolidated into one set of financial statements. This helps companies comply with corporate policy by providing a single source of truth for all financial data. It also helps companies identify any discrepancies between the different legal entities and take corrective action if necessary. 
  
  Tips & Tricks: 
  When using FI-LC Consolidation, it is important to ensure that all financial data is accurately entered into the system. This will help ensure that the consolidated financial statements are accurate and in compliance with corporate policy. Additionally, it is important to regularly review the consolidated financial statements to ensure that they are up-to-date and in compliance with corporate policy. 
  
  Related Information: 
  For more information on FI-LC Consolidation, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, for more information on corporate policy, please refer to the company’s corporate governance documents or contact your local legal advisor.