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Praveen, Analyst, India
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How do international accounting standards influence the information technology industry? Thanks for your reactions... (...) Read more? Sign up for free
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Faith Makombe, Student (Other), Zimbabwe
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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.
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Roy Jun Esmedina, Analyst, Philippines
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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.
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