The end of US GAAP?

As reported in the Wall Street Journal today, the SEC is proposing to pull the plug on US Generally Accepted Accounting Principles (GAAP) and move to the International Financial Reporting Standards(IFRS) which is used in many countries around there world already, notably in Europe. A few weeks ago I blogged about this change that’s been brewing for some time and plugged the IFRS Oracle Mix group, the power of my blog increased membership by over 65%. Yes, there are now 5 members up from from 3. Why am I surprised people are not excited about accounting standards?

If you’re sitting around wondering if Oracle is going to release an IFRS patch, that won’t be necessary, Release 12 has all the tools you will need and Oracle has a White Paper explaining what tools it has to get you ready for IFRS, which I recommend as a good starting point.

If you want more join the mix group, I’ll post information there as I find it and the members though small in number are all top notch including Sanjit Anand who you may know from Oracle Apps Hub, one of the richest sources of information on Oracle Financials.

Author: David Haimes

I'm Senior Director in the Oracle Research and Development Organization, with close to 20 years working in various roles on the development of the Financial Management product suite.  Since the summer of 2016 my focus is exclusively on working with customers and longer-term design work, particularly around next-generation functional and technical architecture. My task is to figure out NOW what the financial management system of the next 3, 5 or more years should look like and start working toward it.  At the moment the majority of my time is spent working on Blockchain or Distributed Ledger Technologies (DLT), leading the effort for all of SaaS applications.  I'm also interested in AI, Machine Learning and new UX and interaction paradigms such as chat bots. I started out in Oracle UK and found my way out to Oracle's Redwood Shores, California HQ in May 2000.  My previous role was product owner for Fusion Accounting Hub, General Ledger, Intercompany and Legal Entity products in Oracle Fusion Financials and eBusiness Suite General Ledger. I have also worked on EMEA Globalizations, Federal and Public Sector Financials, XML Payments and a variety of projects on other products down the years.

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