International Accounting Standard

Oracle Responds to the International Accounting Standards
Multiple, country-based accounting standards in Europe make it very difficult to compare results of companies registered in different countries. In order to provide a single set of standards, the International Accounting Standards (IAS) Board was created. The European Union (EU) requires all companies listed on a stock exchange in a EU country to comply with IAS from 1 January 2005. Further, IAS is going global. In addition to the EU, Hong Kong, Korea, Singapore, Australia, Canada, and most recently, Russia have announced either their support for, or adoption of the IAS. The IAS will compel businesses to review and standardize their existing business processes, practices, and systems to support the new standard. Discover how Oracle’s Accounting software can help you succeed.

Consistency — All Reporting Units Worldwide to Report the Same Items in the Same Way According to the Same Definition
Performing all your accounting, from any country, against a single database and a single source of truth, enables you to maintain a common basis (or definition) for global data, and to report data in any way you require. Oracle’s financial software is designed to accommodate a global single instance. Worldwide consistency is a fundamental part of the design philosophy of the Oracle E-Business Suite.

Simultaneous Compliance with IAS and Multiple Local Regulations for Subsidiary Reporting
With Oracle Financials, you can support multiple languages, major international currencies, and local regulations. An integrated architecture, single data model, and powerful analytic tools enable you to roll-up, view, and report global financial performance at a corporate level in the desired language and currency while adhering to local requirements.

Detail Disclosure Required by the IAS Statements is More Comprehensive than What is Required in Most Exchanges and Countries
Effective disclosure requires complete visibility into enterprise-wide information, continuous monitoring for changes, and proactive management of disclosure obligations. Oracle’s Business Intelligence software works seamlessly with Oracle’s E-Business Suite to provide you accurate information about any part of your business when you need it.

Greater Regulation and Control Increases Costs, Slows Down Business Processes and Impedes Organizational Agility
With centralized administration through shared service centers, you can obtain dual benefits of reduced costs and increased control. You can further reduce administrative overhead by leveraging self-service for employees, customers, and vendors. Oracle’s financial software lets you completely leverage the benefits of shared services, and self-service.

Governance and Compliance