More on Oracle's ERP solutions and IFRS

I ran into Seamus Moran (Oracle’s local IFRS expert) the other day. Seamus had recently read our last blog post and wanted to expand on one of the points. In our last blog post, we wrote, “All of our (ERP) solutions can be and are being used by companies reporting to their shareholders using the IFRS principles today.” After reading that, Seamus thought of a great example to illustrate that point.

Consider how management might deploy Oracle’s ERP solutions to comply with IAS 21, which is converged with FAS 52, and defines how organizations convert from the different currencies of their operations to their stock market reporting currency. If organizations have a “corporate control” approach to that, they might decide to convert trial balances in Hyperion Financial Management. However, if organizations need to consider lots of local data, they might do it in General Ledger using GL features. An organization that needs to see local detail in home currency might use our Reporting Currency feature to convert GL detail, as opposed to balances, or even all of the transactions in certain foreign operations. Organizations can select to do either current rate translation, required in banking and other industries, or historic rate re-measurement, required in manufacturing and exporting.

Again, this shows that Oracle’s ERP solutions are very flexible because they were designed to meet the needs of many industries and geographies. However, we again emphasize that organizations should 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. To learn more about this and other topics related to IFRS, visit Oracle’s website dedicated specifically to IFRS.

Comments:

One click more and I was here, thank you for writing this.

Posted by Transportation Management on December 07, 2009 at 04:43 AM PST #

You're welcome. We, at Oracle Product Marketing, are very happy to hear that you found this entry informative. Please don't hesitate to leave any comments about any topics you would like to have us research and blog about or any subject matter that we have blogged about that you would like further clarification. Thank you again!

Posted by Tony Ouk on December 08, 2009 at 01:48 AM PST #

Post a Comment:
  • HTML Syntax: NOT allowed
About

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

Search

Categories
Archives
« April 2014
SunMonTueWedThuFriSat
  
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
   
       
Today