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As an international business, KT must comply with global financial reporting requirements. It must also meet Korean financial accounting standards. To fulfill these obligations, KT used Oracle Subledger Accounting, a new submodule of Oracle E-Business Suite R12, to build a dual ledger system that met Korean and global financial reporting obligations. The system enabled KT to reconcile accounts in an efficient manner, ensure the consistency of financial data, and add, amend, or delete accounting standards in line with changes in regulations. The deployment of the Oracle financial accounting system was so successful that KT was awarded the 2009 Republic of Korea Software Technology Grand Prize by the Korea Software Technology Association.
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