Influence IAS on IT Systems

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International Accounting Standards Knowledge Center

Best Practices 314 Praveen Analyst, India Influence IAS on IT Systems How do international accounting standards influence the information technology industry? Thanks for your reactions... X Welcome to the International Accounting Standards best practices. The topic being discussed here is: "Influence IAS on IT Systems". Sign up now to gain access. It's free.   Comments Sort by date Sort by rating Rating   0 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.   0 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.   Leave a comment Share your knowledge or experience

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International Accounting Standards Knowledge Center

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