Deloitte, a leading multidisciplinary and professional service provider around the world, has extended its alliance with Oracle, the largest business software company of the world. They are extending their alliance to help the executives address organizational challenges that are associated with the conversion to IFRS (International Financial Reporting Standards). Jointly, Deloitte and Oracle will focus on the various industry-specific challenges that USA and other countries can face while adopting International Financial Reporting Standards.
International Financial Reporting Standards is a set of accounting principles, which focuses on principles and objectives. However, it is less dependent on detailed rules in comparison to U.S. GAAP (U.S. Generally Accepted Accounting Principles). Some of the benefits of IFRS are greater transparency, improved efficiency, reduced complexity and increased comparability. It’s due to these benefits that the investors, who want a clearer insight into corporate performance, have globally accepted IFRS. A roadmap was published by the U.S. Securities and Exchange Commission for adoption and transition of IFRS. This will run from 2011 to 2016. The transition to IFRS will impact the tax, financial regulatory reporting, systems and business processes of a company. However, this impact may vary depending upon the industry as well as the countries from where a company operates.
Deloitte believes that IFRS affects a number of aspects of a company. It may even create effects which may flow throughout the organization. Performance measurement implications and internal and external reporting can also be associated with IFRS. Jointly, Deloitte and Oracle will deliver guidance and innovative solutions to assist the leading Fortune 1000 companies so that they can plan for the transition of IFRS. The highly specialized financial management solutions and IFRS integration team of Oracle and the cross-functional service capabilities of Deloitte will provide an exceptional depth of industry experience. This will help the organizations to manage multiple accounting frameworks, improve business processes and information quality, capitalize on opportunities and enforce global standards.
Terrance Wampler, VP - Financials Product Strategy of Oracle said that “Over 100 countries already require or permit the use of IFRS today, and many organizations are already using Oracle solutions to comply with IFRS requirements”.
Courtesy By Big4
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