NEW YORK, Sept. 22, 2008 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers LLP (PwC) Advisory services partners Tom Archer, Vicki Huff and Nancy Beacham will deliver presentations on how companies can effectively prepare for the transition to International Financial Reporting Standards (IFRS) at Oracle OpenWorld(r) 2008. The first session presented by Vicki Huff and Nancy Beacham will take place on Tuesday, September 23, 2008 at 9:00 a.m. in Moscone Room 3011, and the second discussion presented by Tom Archer and Seamus Moran from Oracle will take place on September 24, 2008 at 1:00 p.m. in Moscone West Room 2002/04.
PwC has a proven track record in helping companies successfully complete the transition to IFRS and has developed a transition IFRS methodology which provides a complete framework for an efficient and effective conversion. PwC's methodology helps guide companies through operational challenges, as well as focuses on effective knowledge transfer resulting in lasting benefits.
"Preparing to Transition to International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS)," co-hosted by PricewaterhouseCoopers partner Tom Archer and Oracle's Seamus Moran, will center around the important issues companies need to consider when assessing their readiness for IFRS. The discussion will include the positive impact IFRS may have on reporting and consolidation processes, how existing Oracle systems or new implementations can be leveraged to address multidimensional reporting, and business process considerations and options for leveraging the latest Oracle releases to help drive an integrated global operation.
"As the U.S. moves toward global accounting and financial reporting standards, organizations should prepare for change as soon as possible," said Tom Archer, partner with PricewaterhouseCoopers. "Transition-related changes have the potential to deliver future dividends, such as streamlined operations and reduced costs."
"Leveraging Oracle systems enables companies to approach their conversion efforts strategically, not just treat them as a compliance exercise. The earlier they begin, the greater the benefits are likely to be," added Seamus Moran, Director, Financials Development, Oracle.
Before a company can embed IFRS as its primary financial reporting language, it must go through a dual-reporting period during which IFRS and US GAAP financials will need to be reconciled. PricewaterhouseCoopers partners Vicki Huff and Nancy Beacham will be holding a session entitled "Preparing for the new IFRS requirements: what you need to know now" which will go over the steps involved in meeting these challenges.
"Success largely depends upon the capabilities of the company's information systems and the efficiency of its processes," said Vicki Huff, partner with PricewaterhouseCoopers. "To limit unnecessary costs and risks, and to avoid duplicated efforts and changes in direction, Oracle ERP customers have options available to handle multi-GAAP reporting and converting to IFRS as the primary reporting GAAP."
"Global trends and recent regulatory signals indicate that it's not a matter of if US companies will have to convert to IFRS, but when. With an inevitable conversion looming, companies should start thinking about IFRS now -- including what it will mean to their business; who will be impacted and how; and when it makes sense to begin conversion," added Nancy Beacham, partner with PricewaterhouseCoopers.
For more in-depth information on the process of transitioning to IFRS and to access publications in PwC's "IFRS readiness series," please visit www.pwc.com/usifrs.
PricewaterhouseCoopers is a Platinum sponsor at Oracle OpenWorld 2008 (September 21 - 25, Moscone Convention Center, San Francisco) and a Certified Advantage Partner in the Oracle PartnerNetwork. Attendees can learn more about IFRS and PwC's business advisory services at the Moscone Convention Center South, booth 912, and can download materials at www.pwc.com/us/oracle.
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