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TRG Blog

How technology can help you with IFRS adoption

Posted by Rick Yvanovich on

In our view, companies are best served when they take an integrated approach to build an IFRS framework. Toward that end, they need a fully integrated solution ideal for supporting the IFRS adoption. A key element is the ability of enterprise applications to work in conjunction with financial management ones to meet a wide range of accounting requirements and processes mandated by the International Financial Reporting Standards. 

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Topics: Planning and Budgeting, Infor CPM, Corporate Performance Management CPM, Financial consolidation, planning and reporting

Actions to improve business performance

Posted by Rick Yvanovich on

When Aberdeen Group conducted a study in 2011, they identified three classes of performance in corporate financial planning, budgeting and forecasting: Best-in-class, industry average and laggard. The research group outlined steps to help companies improve their performance, regardless of their current class.

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Topics: Planning and Budgeting, Corporate Performance Management CPM, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

The process for building IFRS framework

Posted by Rick Yvanovich on

Adopting IFRS alongside VAS requires technical, strategic, and operational changes. There also will be an unavoidable impact on information technology (IT) systems, as companies change the way they manage and report on numerous business activities. Hence, companies should employ a methodical approach when building the IFRS framework.

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Topics: Planning and Budgeting, Infor CPM, Corporate Performance Management CPM, Financial consolidation, planning and reporting

How to evaluate and categorise business performance (part 2)

Posted by Rick Yvanovich on

In the last post, three out of five criteria to assess business performance in relation to the corporate planning, budgeting and forecasting process were discussed. The last two, pointed out by Aberdeen Group in its 2011 study, are technology and performance management.

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Topics: Planning and Budgeting, Corporate Performance Management CPM, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

The major differences between IFRS accounting and VAS accounting

Posted by Rick Yvanovich on

Vietnam’s Ministry of Finance has been working to converge IFRS accounting and VAS accounting, with a goal of eliminating most, if not all, of the key differences by the time the Government allows or mandates the use of the International Financial Reporting Standards. Progress has been made, but significant differences remain in inventory costing, impairment write downs, contingencies management, debt covenant management, and revenue recognition.

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Topics: Planning and Budgeting, Infor CPM, Corporate Performance Management CPM, Financial consolidation, planning and reporting

How to evaluate and categorise business performance (part 1)

Posted by Rick Yvanovich on

Effective planning, budgeting and forecasting processes are indicative of good business performance. A study conducted by Aberdeen Group in 2011 identifies five key performance criteria that distinguish the best-in-class (top performing) from industry average and laggard companies.

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Topics: Planning and Budgeting, Corporate Performance Management CPM, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

What International Financial Reporting Standards entail

Posted by Rick Yvanovich on

The International Financial Reporting Standards establish 34 new accounting policies that in general affect how companies value their assets and report on their business performance. The regulation creates new, higher standards for transparency in business operations by requiring more detailed presentation of balance sheets and cash flow.

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Topics: Planning and Budgeting, Infor CPM, Corporate Performance Management CPM, Financial consolidation, planning and reporting

Approaches and trends in planning, budgeting and forecasting

Posted by Rick Yvanovich on

Uncertain economic conditions have resulted in more informal and ad-hoc planning, budgeting and forecasting processes than before the financial crisis. According to data from a study by Aberdeen Group in 2011, although 65% of the surveyed companies have a formal planning and budgeting process, the figure is less than the 76% recorded back in 2008.

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Topics: Planning and Budgeting, Corporate Performance Management CPM, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

IFRS: Financial reporting standards of the future

Posted by Rick Yvanovich on

The International Financial Reporting Standards are the result of work begun in the early 1970s by the International Accounting Standards Committee (IASC). The slow evolution of IFRS adoption was accelerated in 2002 when the European Union Parliament designated IFRS as the accounting standard for publicly traded European Union companies beginning on January 1, 2005.

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Topics: Planning and Budgeting, Infor CPM, Corporate Performance Management CPM, Financial consolidation, planning and reporting

Pressures, actions, capabilities, and enablers in planning, budgeting and forecasting

Posted by Rick Yvanovich on

A report published by Aberdeen Group in 2011 has identified the leading challenges for companies in terms of financial planning, budgeting and forecasting. Over the study’s three-year period (2009-2011), Aberdeen Group found that the leading pressures include:

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Topics: Planning and Budgeting, Corporate Performance Management CPM, CGMA

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 Rick Yvanovich
 /Founder & CEO/

With TRG International Blogs, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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