Accounting Standards - International Financial Reporting Standards (IFRS) & US GAAP

Oracle has worked closely with the IASB and FASB addressing local GAAP and IFRS requirements for many years and offers a variety of solutions that can assist with the transition to IFRS as well as adopting new standards defined by the IASB and FASB.

  • Accounting Standards - International Financial Reporting Standards
 
Product Support for IFRS and US GAAP
Oracle Enterprise Performance Management
  • Provides support for a broad range of strategic, financial and operational management processes
  • Supports the collection, consolidation and reporting of financial results in multiple GAAPs as well as IFRS, and the reconciliation of differences among the various standards
  • Can be deployed quickly to integrate data from multiple Oracle and non-Oracle transactional systems, provide top-side reporting that conforms to IFRS and US GAAP requirements, and help organizations make the transition to new accounting standards
Oracle Enterprise Resource Planning
  • Oracle's Enterprise Resource Planning (ERP) solutions, (E-Business Suite, Fusion, JD Edwards, and PeopleSoft) support both IFRS and US GAAP and have customers in many countries reporting in these formats
  • Each of Oracle's ERP solutions has an accounting architecture that simultaneously supports both IFRS and local GAAP. For example:
    • E-Business Suite: Subledger Accounting, Ledger Sets, Multiple Ledgers
    • Fusion: Subledger Accounting, Ledger Sets, Multiple Ledgers
    • JD Edwards: Multiple Ledger Types
    • PeopleSoft: Book Code, Multiple Ledgers, Multi-Book
Oracle Governance, Risk, and Compliance
  • With a central repository to document processes, risks and associated controls, Oracle GRC applications manage an audit trail of differences between US GAAP and IFRS
  • Embed automated application controls into ERP systems to enforce proper segregation of duties and application configurations
  • Coupled with integrated dashboards and alerts to identify areas of heightened risk, Oracle GRC applications make for an effective IFRS or US GAAP roll-out
 
 
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