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Oracle and PricewaterhouseCoopers Reveal How to Avoid IFRS Disasters
On the heels of the SEC's newly proposed road map for adopting International Financial Reporting Standards (IFRS) in the U.S., attendees at the recent Oracle OpenWorld learned the latest transition best practices used in countries that have already incorporated the accounting principles.
The session "Preparing to Transition to International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS)," was presented by Oracle and PricewaterhouseCoopers' Advisory practice based on ongoing educational seminars on this emerging issue.
IFRS isn't a concern just for accountants, says co-presenter Tom Archer, a PwC partner, adding that IFRS adoption is being driven by increased globalization and the need for a common group of accounting standards applicable throughout the world.
"This is a business-transformation activity just like a project that might automate the back office or move a company to a shared-services environment," he says. "The only difference is that with IFRS the driver is a business language."
Co-presenter Seamus Moran, director, Oracle Fusion development, adds that some leading financial management applications, such as Oracle E-Business Suite Financials Release 12, already include accounting tools that support IFRS to simplify the transition for U.S. companies (see "New Help for Moving to International Financial Reporting Standards").
According to Archer, U.S. companies can further ease IFRS adoption pain by budgeting time for planning how to capture the additional financial information required under IFRS and to update reporting and forecasting systems with IFRS rules.
See a schedule of the ongoing Oracle and PricewaterhouseCoopers IFRS seminars.
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