Influence IAS on IT Systems

International Accounting Standards
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Praveen, Analyst, India
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  Faith Makombe, Student (Other), Zimbabwe
 

Influence of IAS on IT Systems

IAS (IFRS) are becoming generally accepted globally as compared to the era before the millennium, and also financial reporting is becoming more and more computerised.
Therefore accounting software needs to be designed in such a way that transactions are processed and reported in the way that is required by these international financial reporting standards. This therefore pressures both software manufacturers and users of software to integrate and understand the IAS, which will lead to better designs and better user understanding of the software.

  Roy Jun Esmedina, Analyst, Philippines
 

Influence of IAS on IT Systems

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.

 
More on International Accounting Standards
Summary
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Interpretation of IAS Standards
Difference between Indian Accounting Standards and IFRS
🔥How People see the Accounting Job
Best Practices
🥇Benefits of International Accounting Standards (IAS)
🥈Consequences of Violation of IAS?
🥉Types of Auditing Standards
Influence IAS on IT Systems
Usage of International Accounting Standards (IAS)
How Many Accounting Standards
Role of International Accounting Standards Committee
IAS and 'Fair' Financial Statements
International Acconnting Standards for a Public Limited Company
Total Number of IAS Standards?
Special Interest Group Leader

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