In an exclusive video with the Journal of Accountancy, Paul A. Volcker, Chairman of the President's Economic Recovery Advisory Board, discusses the advantages of adopting IFRS in the U.S., whether 2011 is a reasonable convergence deadline, and how the independence of FASB and the IASB should be maintained.
Click here to view the full video.
Oracle is excited to announce the release of Oracle iReceipts!
Oracle iReceipts is the first Apple iPhone application for PeopleSoft Expenses. Many organizations have employees who travel frequently and managing cash transactions can be inconvenient and time-consuming. Oracle iReceipts allows users to enter and manage their cash transactions right on the spot without having to be connected to a computer or the Internet.
Here is a excerpt from the press release about Oracle iReceipts:
"To help users automate expense reporting for cash transactions, Oracle has introduced theOracle iReceipts® App and integrated it with Oracle's PeopleSoft Enterprise Expenses.
Oracle iReceipts allows employees to capture cash transactions on the iPhone and iPod touch as they occur, then easily submit these transactions to Oracle's PeopleSoft Enterprise Expenses.
Oracle iReceipts allows users to capture receipt images with the iPhone Camera rather than having to deal with several paper receipts. The images are then processed as normal within the PeopleSoft Expenses solution. The app can also automatically tag transactions with a user's location using location based features.
With the Oracle iReceipts App users can leverage the innovative Multi Touch user interface of the iPhone and iPod touch to:
To learn more about Oracle iReceipts, visit the Oracle iReceipts webpage.
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I recently caught up with Oracle's residential IFRS expert, Seamus Moran, for a quick IFRS update.
Question: Are there any updates to the US road map for IFRS adoption?
Seamus: There has been one notable development recently. The SEC recently announced that Mary Schapiro, the head of the SEC, would provide clarity on the SEC's proposed road map for IFRS adoption by December 21, 2009.
Question: Does that mean the road map will be finalized by December 21, 2009?
Seamus: No one knows what Mary Schapiro will announce. All that was announced was that the SEC would provide more clarity to the road map. This could go either way - the SEC could either push forward with the IFRS adoption plan or delay the plans for IFRS adoption in the US. Remember that the proposed road map released for comment in November 2008 neither provided a certain date for IFRS adoption nor a guaranteed that the SEC would adopt IFRS.
Question: In general, do US public companies support the move to converge to IFRS?
Seamus: Deloitte recently conducted a survey among CFOs and other finance professionals. The results of the survey are that nearly 70% of those surveyed would support the SEC approval of its proposed roadmap for adopting IFRS. Almost 20 percent of more than 150 finance professionals Deloitte surveyed indicated that they want the roadmap approved "as is." Another 51 percent said they think the SEC should approve the proposed roadmap, but consider pushing back the mandatory deadline a year.
Question: Where can we find out more information about this?
Seamus: There's a great article on the Journal of Accountancy about this topic. Also, we at Oracle will continue to closely monitor this topic and as soon as the SEC makes any announcement, we will relay the information on this blog and Oracle's IFRS website.
KPMG recently sat down and talked to Oracle's CFO and Executive Vice President, Jeff Epstein, in their latest edition of IFRS Now Magazine.
In this article, Jeff Epstein talks about the the challenges IFRS brings to a global company, the opportunities for process improvement in adopting IFRS, and some of the technological challenges in migrating to IFRS.
To access the complete article, visit Oracle's IFRS webpage or click here.
PwC recently published a white paper about getting your Oracle E-Business Suite environment ready to meet IFRS reporting requirements
Here's a description of the white paper taken from the PwC website:
"Since technology is a key enabler in the transition to IFRS, companies should focus on their systems readiness. Most organizations will undergo a phased embedding process. Therefore, the ability to produce reports in both US GAAP and IFRS will be necessary until there is a complete global shift to IFRS for statutory and tax reporting purposes
Recognizing that changes to technology cannot be avoided, forward-looking companies are taking steps now to gain an understanding of how well their existing systems can support IFRS compliance -- or not! This paper addresses the impact of IFRS on Oracle EBS, drilling down into available approaches and options."
The Association for Financial Professionals (AFP) Annual Conference is one of the most important events for treasury and finance. The 2009 AFP Annual Conference is taking place at the Moscone Center in San Francisco from October 4-7, 2009.
The AFP Annual Conference offers a comprehensive program, captivating speakers, and many networking opportunities. Stop by and visit Oracle and Elire at booth 1630 to learn more about Oracle's treasury solutions, Elire's consulting services, or to listen in on following theatre presentations:
For more information, visit the AFP Annual Conference website where you can find information of how to register, a list of featured speakers, and a full schedule of the event.
With so many great sessions this year at OpenWorld, we just wanted to highlight some key sessions for Oracle E-Business Suite, PeopleSoft, and JD Edwards.
Oracle E-Business Suite
Monday, 10/12/2009, 11:30 - 12:30
Oracle E-Business Suite Applications Strategy and General Manager Update
In this session, hear from Oracle E-Business Suite General Manager Cliff Godwin as he delivers an update on the Oracle E-Business Suite product line. This session covers the value delivered by the current release of Oracle E-Business Suite, the momentum, and how Oracle E-Business Suite applications integrate into Oracle's overall applications strategy. You'll come away with an understanding of the value Oracle E-Business Suite applications deliver now and will deliver in the future.
Monday , 10/12/2009, 14:30 - 15:30
Oracle E-Business Suite Product Road Map
Leaders from Oracle E-Business Suite Product Strategy discuss the investment strategy driving enhancements to Oracle E-Business Suite applications and present an overview of the latest release of Oracle E-Business Suite, Release 12.1.
Tuesday, 10/13/2009, 17:30 - 18:30
Oracle E-Business Suite Financials Release 12 Upgrade Case Studies
Come to this session to get a detailed look at case studies of some customers' upgrades to Oracle Financials 12 and the benefits they have received from the implementation.
Thursday, 10/15/2009, 13:30 - 14:30
Q&A with Financials Development and Strategy Executives
Got any questions you want answered regarding Oracle E-Business Suite financials applications? Attend this session to speak directly with strategists and developers responsible for the products.
PeopleSoft
Monday, 10/12/2009, 11:30 - 12:30
PeopleSoft Financial Management Solutions 9.1 Overview/Sneak Peek at Post-9.1
Come see how PeopleSoft Financials 9.1 supports the streamlining of financial processes such as the critical period close, supporting efficient compliance and controls, and providing for a focus on improving the balance sheet and the company's overall bottom line.
Monday, 10/12/2009, 13:00 - 14:00
Introducing PeopleSoft Enterprise 9.1: An Executive Update
The latest releases of Oracle's PeopleSoft Enterprise applications and PeopleSoft PeopleTools--9.1 and 8.50, respectively--are here. In this session, PeopleSoft General Manager Paco Aubrejuan provides an update on these new releases. See demonstrations of some of the newest capabilities, and hear how PeopleSoft solutions deliver value by addressing your current business challenges while preparing you to face your future business challenges. Also learn how PeopleSoft solutions are an integral part of Oracle's overall applications strategy.
Monday, 10/12/2009, 13:00 - 14:00
Better Mileage in Travel and Expense: PeopleSoft Expenses 9.1 Takes Control in Uncertain Times
In view of the current economic downturn, it is time to reduce travel and expense (T&E) costs, adopt best practices, and increase internal compliance. In this session, learn about the new features of Oracle's PeopleSoft Expenses 9.1 and how they will help your organization in this economy. The session also presents a preview of post-9.1 road map ideas.
Monday, 10/12/2009, 16:00 - 17:00
Introducing PeopleSoft Enterprise 9.1: A Road Map and Upgrade Discussion
In this session, Oracle's vice president of PeopleSoft Product Management, John Webb, discusses the new PeopleSoft 9.1 and PeopleTools 8.50 releases. See demonstrations of some of the newest PeopleSoft capabilities, and hear about the PeopleSoft applications investment strategy and road map. Also learn how you should assess your business objectives and current applications environments to determine the upgrade strategy that is best suited for you.
JD Edwards
Tuesday, 10/13/2009, 17:30 - 18:30
The Business Value of JD Edwards EnterpriseOne Financials 9.0
Stay up-to-date on recent enhancements to Oracle's JD Edwards EnterpriseOne financial management solutions. This session highlights new financial management functionality and describes the benefits these new features bring to your organization.
What's New with JD Edwards World Financials and Cross-Industry Applications
The newest release of Oracle's JD Edwards World software, A9.2, includes many enhancements to cross-industry applications. Now the question becomes how JD Edwards World Purchase Card Management, user reserved databases, electronic document distribution, pay when paid, and inquiry security can improve your company's bottom line.
Wednesday, 10/14/2009, 13:00 - 13:30
JD Edwards EnterpriseOne Q&A Panel: Come with Questions, and Get Answers
In this session, Lyle Ekdahl, Oracle's vice president of JD Edwards Strategy, and his management team discuss Oracle's JD Edwards EnterpriseOne strategy and road map. Bring your questions, and get answers from the team.
Wednesday, 10/14/2009, 13:45 - 14:15
JD Edwards World Q&A Panel: Come with Questions, and Get Answers
John Schiff, vice president and general manager of Oracle's JD Edwards World, and Denise Grills, senior director of JD Edwards World Product Management, are joined by members of JD Edwards World Development Management in this session to discuss the product road map and answer your questions. This is your chance to come with JD Edwards World questions and get answers.
With Oracle OpenWorld right around the corner, we would like to highlight some great tools and networking opportunities to help attendees get the most out of their OpenWorld experience.
Focus On Documents
These guides narrow all of the keynotes, sessions, demos, and networking activities relevant to particular areas of interest. They're one of your best tools for finding events specifically related to Oracle products, technologies, solutions, and industries. To find these documents simply go to the main Oracle OpenWorld 2009 page and in the Highlights section you'll see a link for Focus On. We will keep Focus On documents up-to-date as changes occur, so make sure you bookmark this page today and print a copy before you arrive in San Francisco. For your convenience, here are direct links to the Focus On documents related to the Financial Management Track:
Schedule Builder
Schedule Builder allows you to build your schedule, which actually "registers" you for the sessions you've selected. We're encouraging all OpenWorld attendees to build their schedules online in advance using Schedule Builder, so they will have priority seating, which is especially important for the popular sessions.
Content Catalog
The Content Catalog lets you search for sessions and new this year is "tagging". When you go to the Content Catalog you'll see a section that contains the most popular tags, simply click on one of the tags listed and it will return a list of sessions. You can also select a session and add your own tag to a session.
Applications Lounge
Oracle OpenWorld lounges provide the perfect place to meet up with peers, customers, and partners for informal networking and learning opportunities. Stop by the Applications Lounge to network with your peers and Oracle experts. In a relaxed atmosphere, you can discuss and share knowledge in your area of interest. The Applications Lounge is located at Moscone West, Level 2 Lobby. You can find more information about the Applications Lounge or other Oracle OpenWorld lounges on this page. Join Financials experts across all product lines (E-Business Suite, PeopleSoft and JD Edwards) on Wednesday, October 14th from 9:00 - 10:00 am.
Other Networking Opportunities
Social media continues to get bigger and we've got it all at Oracle OpenWorld. From a blog dedicated to OpenWorld, a Twitter account, to Facebook and LinkedIn, there are many opportunities for customers to get connected. Returning for another year is Oracle Mix, which is an open forum to discuss Oracle OpenWorld San Francisco with other attendees, partners, Oracle employees, and event staff. On the main Oracle OpenWorld 2009 page, you'll find the link to Mix as well as the other social media tools. We're encouraging all attendees to log on and check it out.
This year, the Oracle OpenWorld Financial Management track will have four sessions on IFRS.
Monday, October 12, 2009 at 1:00 PM - 2:00 PM
Managing the Transition to IFRS with JD Edwards EnterpriseOne and JD Edwards World
Canada is moving to International Financial Reporting Standards (IFRS) in 2011, with the United States close behind. This session delves into what this means for you and your company and describes how Oracle's JD Edwards EnterpriseOne and JD Edwards World can help you through the transition.
Tuesday, October 13, 2009 at 1:00 PM - 2:00 PM
Managing the Conversion to IFRS: A Multi-Industry Perspective
As U.S. companies await definitive direction from the Securities and Exchange Commission (SEC) regarding a potential International Financial Reporting Standards (IFRS) policy, controllers, CFOs, CIOs, and others seek to understand and prepare for the potential effects of the conversion from U.S. GAAP to IFRS on their organizations. KPMG and Oracle present a multi-industry perspective on some of the accounting topics relevant to the IFRS conversion and the potential impact of IFRS on accounting and reporting, systems, processes, and people. Topics covered in this presentation include parallel/multi-GAAP reporting; revenue recognition; inventory; property, plant, and equipment (fixed assets); and intangible assets (R&D).
Tuesday, October 13, 2009 at 5:30 PM - 6:30 PM
Get Ready for IFRS: PeopleSoft Financial Management Supports You
As the U.S. moves toward the adoption of International Financial Reporting Standards (IFRS), leading organizations are already planning for the transition. In this session, learn how Oracle's PeopleSoft financial management solutions can be leveraged to manage global operations and support dual-basis accounting. Oracle and Accenture will discuss specific features available in PeopleSoft Financials that can be leveraged to address IFRS requirements. Also, hear about how a customer is preparing for the conversion to IFRS within PeopleSoft financial management, and how this transition approach was incorporated into a broader finance transformation initiative.
Wednesday, October 14, 2009 at 5:00 PM - 6:00 PM
Features in Oracle E-Business Suite for International Financial Reporting Standards
As organizations begin to evaluate the impact of International Financial Reporting Standards (IFRS) on their accounting practices, Oracle E-Business Suite customers will find familiar features that support IFRS as well as features developed specifically for it. With proper planning in concert with their accounting compliance advisor, customers can identify and exploit the features available in Oracle E-Business Suite for aiding the transition to IFRS. Come to this session to hear about specific features that support IFRS.
For more information about these as well as other Oracle OpenWorld Sessions, visit the Oracle OpenWorld website.
On Tuesday, September 22 at 2PM Eastern time, Deloitte and Oracle will be presenting a webcast on IFRS focusing specifically on the Financial Service Industry. In this webcast, Deloitte and Oracle will outline a plan for adopting IFRS, share success stories, and review the types of conversations happening with Financial Services Organizations across the country.
To sign up and learn more about this webcast, please visit this website.
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