Influence of IAS on IT Systems
Roy Jun Esmedina, Analyst, Philippines
Information technology (IT) is nowadays a prominent bridge of business communications and transactions. Companies around the world are striving to keep abreast on the latest IT product developments mainly - but not limited to - these following advantages:
- Operational convenience and efficiency
- Accurate and timely reporting, budgeting and planning, forecasting
- Informed decision making, and the like.
Further, the above-mentioned features and benefits of IT products came out due to every companies desire of timely faithful representation of the company's operational and financial status (financial statements)
. As a result, IT products are currently patronized by most of the companies around the world due to its adherence to IAS / IFRS and company's business objectives.