Is there a “switch I can flip” or a “patch I can apply” to make Oracle ERP systems IFRS compliant?

Oracle Financials product management and product marketing often get asked, “are Oracle ERP solutions IFRS compliant?” Although this may seem like a straightforward, “yes or no” answer, the answer is actually not as simple as it may appear.

Oracle’s ERP solutions are very flexible because they were designed to meet the needs of many industries and geographies. With this flexibility customers can configure their systems based on the needs of their industry and geography, and it is the responsibility of management to ensure that they’ve implemented their system in compliance with the regulations that are applicable to them. It’s no different with IFRS. All of our solutions can be and are being used by companies reporting to their shareholders using the IFRs principles today.

Organizations work with their accounting compliance advisor (e.g. Deloitte, PricewaterhouseCoopers, KPMG, etc.), to ensure that they configure their systems to be in compliance with IFRS. They often use an internal audit department to help ensure ongoing compliance. Not only do Oracle’s ERP solutions deliver features that support IFRS as well as various other regulatory standards, we also provide a complete Governance, Risk, and Compliance Applications suite to assist management, the controller, internal and external auditors, and accounting consultants to get it done easily and with lower cost.

It is very important to consult with an accounting compliance advisor to determine the impact of IFRS on the organization. Every company will be different, as different industries will be impacted differently. Once the impact is known, then a plan can be put in place to address their current ERP implementation. You don’t need a switch or a patch for IFRS: existing Oracle ERP features will provide support for IFRS just as they support local GAAP requirements. However, some reconfiguration might be required

To learn more about this topic, visit the Oracle IFRS website. There, you will find white papers, podcasts, and news features that provide further information on IFRS.

Comments:

What is impact of IFRS on peoplesoft system . Has oracle come up with any solution's or features to tackel any IFRS standard

Posted by Anupam on August 18, 2009 at 09:54 PM PDT #

PeopleSoft has been supporting IFRS since Release 8.4. For the best place to find out how PeopleSoft solutions can help support IFRS, I would suggest visiting the PeopleSoft and IFRS web page. Also, we are currently putting together a white paper about PeopleSoft and IFRS. Once completed, we will post the white paper on the PeopleSoft and IFRS web page, so check back periodically to the web page for the white paper. Lastly, if you ever have any other questions about any of Oracle's Financial Management product, don't hesitate to post the question on this web page and we will find the answers for you.

Posted by Tony Ouk on August 19, 2009 at 07:54 AM PDT #

Anupam, As I mentioned not too long ago, Oracle was developing a white paper on how PeopleSoft can support IFRS. This whte paper is now published and can be found on the following webpage: http://www.oracle.com/applications/ifrs/ifrs-peoplesoft.html

Posted by Tony Ouk on October 20, 2009 at 07:29 AM PDT #

Can I know the latest news for ifrs linked with Oracle ERP suits. How can we achieve the detail reporting for IFRS.

Posted by Hemant on November 24, 2009 at 05:13 PM PST #

The latest information we have would be available on Oracle's IFRS website. There, you can find links to specific IFRS pages for the various Oracle ERP suites, i.e. E-Business Suite, PeopleSoft, and JD Edwards. Each of those webpages should have an IFRS white paper written specifically to address how each of those ERP suites supports IFRS. For reporting needs, Oracle's recommended solution is Oracle Enterprise Performance Manager. Check out the Oracle Enterprise Performance Manager product webpage on IFRS for more information.

Posted by Tony Ouk on December 08, 2009 at 01:39 AM PST #

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