International Financial Reporting Standards

Align Processes to IFRS. Manage Changes to Controls. Prove Adherence to IFRS.
The shift from rules-based national GAAP to the principles-based IFRS will demand changes in accounting policies, business processes and information systems. To maintain corporate control over the transition and manage risks from IFRS changes, Oracle helps finance executives and business managers strengthen internal controls over financial reporting, automate steps to audit IFRS compliance, and control variations to ERP applications and underlying systems. The impact of IFRS to the overall business is therefore actively managed and effectively minimized.

ONLY ORACLE OFFERS SIGNIFICANT BENEFITS

Gain Accomplish

Document policy and controls changes during transition from national GAAP to IFRS

  • Record policy, risk, and control documentation in a single system
  • Align processes and associated controls to IFRS standard
  • Easily compare GAAP and IFRS policies and processes when maintaining dual accounting

Streamline audits and defend your interpretation of IFRS principles

  • Rationalize audits - by allowing a higher degree of interpretation, IFRS makes audits even more important
  • Demonstrate evidence of reasonable judgment with documentation, assessments, tests, issue tracking and remediation
  • Sign off on the integrity of financial reporting with enterprise visibility into key metrics for IFRS compliance

Build stronger internal controls to monitor system changes

  • Monitor and enforce access changes in applications
  • Ensure integrity of critical application setups by tracking the "who, what, where and when" of changes
  • Continuously track transactions against IFRS policies to identify inaccurate practices or fraudulent behavior
 

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