Guiding utilities through IFRS adoption using Oracle Applications ...
Guiding utilities through IFRS adoption using Oracle Applications ...
Guiding utilities through IFRS adoption using Oracle Applications ...
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<strong>Oracle</strong> Hyperion Financial Management Plus<br />
A primary component of adopting<br />
<strong>IFRS</strong> will be meeting the external<br />
reporting requirements. Although<br />
a subsystem source level of detail<br />
will be required to support the <strong>IFRS</strong><br />
accounting basis, a controlled capability<br />
for booking <strong>IFRS</strong> adjustments in the<br />
consolidation and reporting system<br />
will also be necessary. The following<br />
factors will drive the need for this<br />
capability during the transition period<br />
for US GAAP to <strong>IFRS</strong> and beyond:<br />
8<br />
• Ever-changing US GAAP and <strong>IFRS</strong><br />
differences <strong>through</strong> convergence<br />
and newly issued pronouncements.<br />
This is especially important within<br />
the Utilities industry where an<br />
adjusted US-GAAP accounting basis<br />
for regulatory reporting may persist<br />
during the <strong>IFRS</strong> transition period<br />
and potentially beyond<br />
• Scalability of new acquisitions,<br />
extraordinary transactions, or<br />
evolving business operations<br />
• System constraints of legacy<br />
general ledger or transactional<br />
subsystems<br />
Among <strong>Oracle</strong>’s enterprise performance<br />
management consolidation and<br />
reporting tools is <strong>Oracle</strong> Hyperion<br />
Financial Management Plus. <strong>Oracle</strong><br />
Hyperion Financial Management<br />
Plus is a highly flexible application<br />
that offers a wide range of possible<br />
configurations to meet a company’s<br />
unique consolidation and reporting<br />
needs. An <strong>IFRS</strong> solution in <strong>Oracle</strong><br />
Hyperion Financial Management Plus<br />
could include any combination of the<br />
following components and capabilities:<br />
Dimensions<br />
• Account dimension<br />
• Entity dimension<br />
• Custom dimensions<br />
• Scenario dimension<br />
• Value dimension (“.Adj” members<br />
used in Journal Entries)<br />
Application Settings/Rules<br />
• Organization-by-Period<br />
application settings<br />
• Flexible consolidation methods and<br />
calculations<br />
• Ownership Management module<br />
Journal Entry Functionality<br />
• Reclassifications and other adjustments<br />
within and across entities, accounts,<br />
and custom dimensions via a Journal<br />
Entry module.<br />
Some of these <strong>IFRS</strong>-enabling<br />
features in <strong>Oracle</strong> Hyperion Financial<br />
Management Plus for key challenge<br />
areas are summarized in Figure 3.
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