Compliance with regulatory requirements

With IFRS and Sarbanes-Oxley (SOX), amongst other corporate governance regulations, placing an increasing emphasis on accountability at all levels of the finance department, it has never been more important that your fixed asset solution is equipped to deal with these ever-changing requirements.

RAM continually strives to keep abreast of industry developments and prides itself on ensuring that its suite of specialist software solutions remains consistently compliant with the latest corporate governance regulations. In addition to an impressive range of sector-specific solutions, RAM provides a long-term antidote to both IFRS and SOX compliancy issues relating to fixed assets.

IFRS (International Financial Reporting Standards)

Free IFRS white paper – a must have point of reference for finance decision makers in assisting to demystify the requirements around the IFRS and SOX regulations for fixed assets.

IFRS sets out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. In addition to adopting IFRS, organisations must also be able to demonstrate those controls which have been implemented in order to ensure that the data used is secure and reliable.

In terms of asset management, the latest IFRS regulations dictate that organisations address such issues as:

• Component accounting.
• Impairment of assets.
• Treatment of leases and intangible assets.
• Management of non-current assets held for sale and discontinued operations.
• Treatment of property, plant and equipment.
• Management of both finance and operating leases.

Sarbanes-Oxley (SOX)

The Sarbanes-Oxley Act of 2002 is a mandatory regulation relating to financial practice and the transparency of accounting information. It applies to all US or US-owned organisations and contains 11 sections, ranging from additional Corporate Board responsibilities to criminal penalties.  

To remain compliant, organisations must demonstrate a number of controls including:

• A facility to provide a complete history of all user actions, and the relevant before and after detail.
• Strong internal control through the use of a full and transparent audit trail.
• Accurate Financial Statements that are S302/S404 compliant.
• A true representation of fixed assets on the balance sheet.

SOX compliancy need not be a daunting task. RAM’s suite of products provides users with peace of mind in knowing that the fixed asset solution upon which they depend is continually updated to reflect regulatory changes. 

Click here to receive your FREE SOX Review Pack today