No abstract

This paper addresses the issues and challenges involved in adoption and applicability of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) to India with Oracle (ERP) Financials. Specifically, the paper highlights some major areas where the corporate entities are facing the critical issues in maintaining the Accounting Standards and its Reporting system to locally and globally. The attempt to study the major challenges that are lying before the companies which are globally spread and the common problems in achieving the good quality reporting standards keeping in view the present business complications. The study has made an attempt how to face these challenges effectively and efficiently with the help of Enterprise Resource Planning (ERP) software more specifically Oracle Financials which is having wide variety of modules like Oracle's E-Business Suite, Oracle's Hyperion Financial Management etc. Each module is having its unique features and helps in following the International Accounting Standards (IAS), IFRS and also the local accounting standards developed by the Institute of Chartered Accountants of India (ICAI), India's standard setting body, is increasingly attempting to provide this transparency by revisions and additions to accounting standards, and by Exposure Drafts which aim to bring India more in line with International Financial Reporting Standards.