In this IBM Cognos series, industry thought leaders share their experiences and insights on critical issues facing the office of Finance. We feature the opinions of leading independent analysts, plus experts from IBM, presented in a concise, easy-to-read essay format.
Controllers’ Corner features insights from:
- The Hackett Group
- IDC
- FSN Publishing, UK
- IBM Global Business Services
- Cognos software
Visit this site often to read new essays and learn about new topics.
Financial Reporting in the Language of XBRL
The U.S. Securities and Exchange Commission (SEC) is adopting a system of electronic filings based on XBRL—eXtensible Business Reporting Language. What should finance organizations do to make sure they can meet these new requirements?
- Learning the Language of XBRL - Gary Simon, of FSN Publishing in the UK, outlines the practical implications of filing quarterly and annual reports with XBRL.
- Delivering Financial Statements in XBRL - Denise Rabun of IBM Global Business Services tells why an integrated approach to XBRL delivers maximum internal value and business ROI.
- Reporting in XBRL—How much effort should it take? - Delbert Krause of Cognos Software explains why converting financial statements to XBRL can enhance the filing process.
- XBRL: Transforming Financial Reporting - Analyst Kathleen Wilhide of IDC urges finance organizations to create a reporting system of record based on a corporate taxonomy that can be mapped to XBRL.
Building Efficiency into Your Internal Controls
Sarbanes-Oxley (SOX) and other transparency regulations are forcing companies to invest heavily in internal controls for compliance. What should companies look for as they upgrade their controls?
- Internal Controls Need Regular Testing - Gary Simon, of FSN Publishing in the UK, recommends regular testing to keep your controls working effectively.
- Post-SOX, Internal Controls Still Need Your Attention - Bryan Hall and Bill Marchionni of The Hackett Group caution that internal controls still need care, even after your SOX compliance work is substantially “finished.”
- Controls Integration and GRC – Why It’s Important for ERP - Jim Hurley, of IBM Global Business Services, explains how automation can improve process efficiency and reduce costs.
- Why Internal Controls and Consolidation Belong in a Single Solution - Delbert Krause, of Cognos Software, describes the benefits of combining your internal controls regime with the financial consolidation process.
Preparing for IFRS
International Financial Reporting Standards (IFRS) is the accounting framework used by most countries in the world today. What advice can you offer companies that need to plan and prepare for IFRS?
- Managing the Transition to IFRS - Gary Simon, of FSN Publishing in the UK, urges companies to “start early!”
- Finding the Opportunities in IFRS - Bryan Hall and Bill Marchionni of The Hackett Group explain why finance organizations should seize the opportunity for broader process improvement.
- The Status of IFRS—Where do you stand? - IDC analyst Kathleen Wilhide says that financial consolidation solutions can provide the capabilities to support a structured and auditable approach to IFRS.
- Preparing for the Arrival of IFRS - Delbert Krause, Business Unit Executive for Cognos Software, outlines three key areas your company should focus on.
Systems and Processes to Support IFRS Conversion
The IFRS preparation checklist includes many items, such as embedding the new rules into operations and transactional systems. What role can software and systems play in making the transition and providing ongoing support for IFRS?
- IFRS Requires a Financial Reporting System of Record - For a smooth transition to IFRS, analyst Kathleen Wilhide of IDC recommends a financial consolidation platform that can support evolving disclosure requirements in a single system of record.
- The Impact of IFRS on Systems & Processes - Delbert Krause, Business Unit Executive for Cognos Software, tells you how the adoption of IFRS offers a unique opportunity to improve automation and control throughout your financial systems.
- Common Technology Eases the Transition to IFRS - Bryan Hall and Bill Marchionni of The Hackett Group explain why a single technology platform enables an easier, less costly transition to IFRS.
- Managing the Transition to IFRS—Systems and Processes - Gary Simon, of FSN Publishing in the UK, outlines four factors that will determine the scope of system change needed for the transition to IFRS.
