du opts for Oracle Cloud to become IFRS 15 compliant
In preparation of Financial Reporting Standard IFRS 15 that comes into effect from 1st January 2018, du, an UAE-based telecommunications service provider, is implementing an Oracle cloud based revenue management system to transform its financial and accounting system and gain insights into revenue contracts.
Revenue Management Cloud will help to keep track of contracts and manage the changes to those contracts and accounting on the back end, which will seamlessly transform du’s revenue reporting. The fully automated solution will also help du evaluate revenue against service delivery and assess revenue and customer contract information from an Oracle Software as a Service Cloud platform. Furthermore, with the implementation of this fully automated solution, du will be significantly reducing paper usage in its financial operations.
Besides ensuring IFRS15 compliance, the Oracle Cloud implementation will help du enhance the overall revenue reporting function by clearly analysing the allocation and forecasting of revenue. Furthermore, du’s management team will also be able to secure better financial insights by differentiating between equipment and service revenues from an actual and forecasting perspective.
“IFRS 15 is expected to usher in a new way of revenue accounting globally, and we are delighted to state that we are on track to be fully compliant with the IFRS 15 requirements as an early adopter,” said Farid Faraidooni, Chief Operations Officer, du. “We look forward to working with Oracle during this transition without affecting current systems, capitalising on their know-how to successfully complete this implementation.”
“Compliance with any global industry standard can be a challenging task, but du’s leadership team had the right vision to ensure full alignment with IFRS 15 standards in a timely manner,” said Arun Khehar, Senior Vice President – Apps, ECEMEA, Oracle. “The cloud-based approach to an accounting exercise increases intelligence and speed dramatically, and we believe that du will be among the early examples of a successful IFRS 15 compliance.”