IFRS: Transition Strategy for e-Business Suite
Acceptance of International Financial Reporting Standards (IFRS) is gaining momentum across the globe. IFRS transition program for any organization will have multi-dimensional effect because of differences which exist between IFRS and Local GAAPs. The objective of this paper is to highlight the nature of such differences with examples. Also, to emphasize on the need for a detailed and well thought transition strategy from Oracle E-Business Suite Perspective. From Oracle Application perspective, Fixed Assets will be one of the focus areas in an IFRS implementation program. Depending on the IFRS implementation approach - adoption or convergence, the solution strategy will differ.