By partnering with IT Convergence you gain access to some of the Oracle community's top IFRS compliance expertise. This page will help you understand IFRS and get you started on configuring your Oracle E-Business Suite to support IFRS reporting requirements.

What is IFRS and How Does it Affect Me?

The International Financial Reporting Standards (IFRS) is a set of accounting standards developed by the International Accounting Standards Board (IASB) in an effort to create a single global standard for financial statements for public companies.

• More than 12,000 companies in over 100 countries have adopted IFRS, including many companies in the European Union
• Canada and India are expected to transition to IFRS by 2011
• Mexico plans to adopt IFRS for all publicly listed companies starting in 2012.

With such international momentum for IFRS gathering, where does this leave the US?

IFRS and the United States

The US  Securities and Exchange Commission is weighing a five-year work plan that would lead to conversion of all U.S. public companies to IFRS. This is in response to global demand from regulators, investors, businesses, and auditors for a single set of accounting standards. 

While support for maintaining US, GAAP remains strong in the some sectors , it is clear that multinational corporations or corporations that simply do business internationally will need to began preparing for IFRS one way or another.

IFRS and Oracle 11i

IT Convergence is ready to help Oracle 11i end-users support IFRS reporting requirements by configuring General Ledger balances and recurring/reversing journals to support dual reporting. The key in accomplishing this is with the use of trial balances in Accounts Payable, Inventory, and Accounts Receivable. ITC's experts will help you leverage your FSG reports to create an Income Statement and Balance Sheet in the General Ledger to create your trial balances.

Oracle R12 and IFRS at a Glance

If you have already upgraded or will soon migrate to the Oracle E-Business Suite Release 12, IT Convergence's Oracle Financials experts will help you take full advantage of Oracle R12's multiple ledger functionality. Specifically ITC will help you:

• Automate Subledger Accounting (SLA) to process individual transactions to comply with IFRS and US GAAP
• Standardize accounting and documentation policies using SLA
• Create customized reports from Oracle Subledger Accounting data
• Use Oracle BI Publisher to create and maintain report formats with familiar desktop tools
• Mix and match transaction and accounting details from Subledger Accounting XML data extracts to create Subledger Accounting reports to meet specific needs

IT Convergence will work with your finance professionals to help them configure Oracle's Enterprise Performance Management system so that they can confidently meet and exceed the levels of versatility in analysis and transparency in reporting that are now required globally.

If you're and Oracle end-user and you want to learn more about how you can start getting ready for IFRS download a copy of the white paper on IFRS that IT Convergence delivered at Collaborate 10 and/or contact us at 1-800-675-0032 ext. 2409.