Ifrs Adoption in Us

Advisory Services

IFRS is on the horizon— are your systems ready?

Table of contents

The heart of the matter

Getting your Oracle E-Business Suite (EBS) IFRS-ready

®

2

An in-depth discussion

Considerations—effecting a smooth transition to IFRS

What this means for your business

4

Reaping the benefits of early action

28

October 2009

The heart of the matter

Getting your Oracle EBS IFRS-ready

2

IFRS—Still very relevant in the market today There continues to be uncertainty around the timeframe for the move to IFRS in the US, but we believe the ultimate adoption of IFRS in this country is inevitable. Even though no exact conversion date has been set, IFRS will affect the majority of organizations in the short term. In light of upcoming unprecedented accounting changes stemming from joint convergence projects between the FASB and the IASB and ongoing global adoption of IFRS, it’s vital that US companies gain an understanding of the differences between US GAAP and IFRS, and how the converging standards and adoption by non-US subsidiaries may impact their people, processes and technology. Meeting the multi-GAAP reporting challenge Since technology is a key enabler in the transition to IFRS, companies should focus on 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. Once you have selected the option that best fits your situation, it is critical to integrate any IFRS-related changes into your technology road map. If you fail...