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International Financial Reporting Standards (IFRS) Oracle White Paper

Do you know IFRS aka International Financial Reporting Standards is a set of accounting standards, similar to that you have US GAPP.

IFRS is already adopted in more than 110 countries as of now and countries like Canada, Brazil, India, Korea and Japan is planning for IFRS compliance by 2011. Check it out old post [1] for details.

So what in inside

IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB).

IFRS are considered "principles based" set of standards in that they establish broad rules as well as dictating specific treatments.

International Financial Reporting Standards(IFRS) comprise:

IFRS re-define in term of Accounting Principles

In simple equation

IFRS = Financial Reporting standards = Balance Definitions

that mean "disclosure Requirements" and "Balance Definitions ".

US GAAP vs. IFRS - A difference

check out this post [1] for some the key differences between these two.

Here is comparative study for IFRS on compliance issue.

Here is IFRS Standards and the underline Oracle mapped products

Oracle White paper

IFRS will be one of the most significant enterprise-wide change initiatives facing finance over the next few years.IFRS adoption not onky limited to accounting and financial reporting functions but it will also require changes across people, process and technology.

These Oracle's white papers will help you in getting answer of these:

  1. Options for implementing multi-GAAP accounting and eventually switching over to IFRS inyour financial (ERP) systems?
  2. Exploring ledgers and business systems which contain the necessary reporting data, and, if not, what and which processes required to capture and report new data?
  3. Linking IFRS principles been incorporated into fore-casting and management reporting processes.

Two major Process in term of IFRS

  1. Revalution [5] : Check it out for definition here [5]. This is still not comply with IAS30 and IFRS standard.Enhancement request #4098044,is already registered with Oracle.
  2. Translation [6] : Check it out for definition here [6].GL translation is compliant with both US GAAP and IFRS standards.

Top Post in OracleApps Epicenter on IFRS