Gartner defines financial close and consolidation solutions (FCCS) as tools that help CFOs manage group close, consolidation, and reporting. FCCS enables organizations to (1) manage financial close with collaborative, auditable workflows and dashboards, (2) consolidate financials across multiple legal entities and geographies, (3) comply with accounting standards for currency translation, intercompany elimination, and adjustments, and (4) generate reports meeting generally accepted accounting principles (GAAP), International Financial Reporting Standards (IFRS), and regional requirements.