Tuesday Jul 30, 2013

Impact of the Upcoming US GAAP and IFRS Lease Accounting Proposal

Back in May 2013, the FASB and the IASB published another Exposure Draft on Lease Accounting, inviting comment through September this year.   Our developers have been reviewing it, and Seamus Moran, our resident IFRS expert, sat with Annette Melatti, Senior Director, Financials Product Marketing, to chat about the potential impact on Lease Accounting and ERP software.  Listen to the podcast for more details.

Seamus also met with Ashima Jain of PwC to take a more detailed look at the specifics of this Exposure Draft.  The proposal is quite a change to existing practice, not only requiring us to put many equipment leases on the balance sheet, but also incorporating new valuation, accounting, and classification of leases.  Watch the new screencast which shares the specifics.

It will be interesting to see how the public reacts when the comment period ends in September, and what route the path to a final new standard takes in 2014 and 2015.

Monday Jul 29, 2013

Oracle Receives “Strong Positive” Rating in “MarketScope for Segregation of Duty Controls Within ERP and Financial Applications”

A guest post by Sid Sinha, Senior Director, Oracle GRC Product Strategy

Oracle has received a rating of “Strong Positive” in the Gartner’s “MarketScope for Segregation of Duty Controls Within ERP and Financial Applications[1].”

Gartner defines the ERP Segregation of Duties (SOD) Control Market as software providing the following functions: SOD Analysis, Compliant Provisioning, Transaction Analysis, Emergency Privilege Management, Role Management and Privilege Attestation.

According to Gartner, a solution rated “Strong Positive” is viewed as a provider of strategic products, services or solutions. The report framework counsels:

· Customers: Continue with planned investments.

· Potential customers: Consider this vendor a strong choice for strategic investments.

Oracle Advanced Controls includes a comprehensive SOD capability for any application including Oracle ERP platforms and financial applications. Oracle Advanced Controls addresses SOD issues at a finer level of detail than ERP role and permission management, providing unique capabilities to find and fix user security issues across multiple instances at the same time. This capability can be integrated with a user provisioning system and this integration comes pre-built for Oracle Identity Management, Oracle Fusion Applications, the Oracle E-Business Suite and Oracle’s PeopleSoft. Furthermore, Oracle Advanced Controls can scan all business transactions in the system to find actual instances SOD risk and has embedded agents to modify application behavior within the Oracle application suite itself, thereby restricting the options visible to Oracle EBS users, including administrators.

We believe that to prevent financial leakage, corporate fraud and ensure regulatory compliance, Advanced Controls must be enforced at all levels of an organization. Strong SOD policies are dependent upon controlling access to critical business applications such as enterprise resource planning, customer relationship management, and supply chain management systems. Advanced Controls, part of Oracle GRC Applications, enables businesses and organizations to manage, remediate, and enforce user access policies to ensure effective SOD.

For more perspective on the need for segregation of duties and the importance of user access controls please visit the resources section of our web page.

Disclaimer:

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.



[1] “MarketScope for Segregation of Duty Controls Within ERP and Financial Applications,” by Paul E. Proctor, May 14, 2013.

Friday Jul 12, 2013

The CFO as Catalyst for Change

A guest post by John O'Rourke, Vice President Product Marketing, Oracle

Over the past few months, we’ve taken a microscope to the role of the CFO. The changing economic environment is creating new demands and opportunities for CFOs around the world. At Oracle, we are committed to helping CFOs navigate and succeed, and recently partnered with Accenture on a global research study, “The CFO as Catalyst for Change.”


As the Wall Street Journal’s CFO Journal summarized, the study highlights the evolution of the CFO’s role from financial overseer to corporate strategist and change agent. I discussed the main findings in a previous blog post, but wanted to share some great insights on the study from industry influencers.

InformationWeek’s Doug Henschen discussed the increasing role CFOs are playing in the technology department, highlighting the similarity between what has also been happening with CMOs. I think the CFO’s role in technology decisions can have a bigger impact and is worth noting.

Without a doubt, CFOs are taking technology seriously! CFO Magazine highlighted the skills perspective in their article on the study, pointing out that when asked about where CFOs could improve their skills and capabilities, technology knowledge was ranked second only to industry knowledge. Now, that’s saying something!

But they are not just focusing on ways to enhance their knowledge base -- CFOs also understand the importance of new technology. A Wall Street & Technology article on the study stressed how CFOs are increasingly citing disruptive technology as critical for success. In fact, 79 percent of respondents viewed access to information as a key driver of organizational agility, while 57 percent viewed investments in big data and analytics as a key source of competitive advantage.

The study shows that the role of the CFO has dramatically changed and it continues to evolve at a rapid pace. Now, CFOs must be catalysts for change and help their organizations transform and thrive in today’s global economy. 


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Focusing on solutions for the Office of Finance, this blog will highlight key financial management market trends, events and other news of interest.

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