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2010-08-19Ares receives government acknowledgement for IFRS project

Ares International Corp. recently received acknowledgement from the Industrial Development Bureau (IDB) of Taiwan's Ministry of Economic Affairs (MOEA) for Taiwan's adoption of International Financial Reporting Standards (IFRS). Ares becomes the first of Taiwan's software service provider to receive approval for "IFRS enterprise management pilot project" with its self-developed ArgoERP system.

The enterprise that will receive IFRS management assistance from Ares is Yem Chio Co. Ltd., the top tape manufacturer in Taiwan, and the project will see its first-stage implementation finished before year-end.

According to the regulation of Taiwan government, all listed companies should report their IFRS status to their board of directors in 2010, disclose plans and impacts of IFRS adoption in 2011, launch parallel financial reports under standards of IFRS and existing accounting rule in 2012, compose financial statements according to IFRS principles in 2013, while all public companies in Taiwan should also follow IFRS principles when making their financial statements in 2015.

To follow these policies, IDB has designed the pilot project for IFRS enterprise management. Since the project is a pilot case, only one company can be chosen.

To ensure Yem Chio successfully adopts IFRS standard for its financial statements, Ares will offer services with PricewaterhouseCoopers accounting firm such as IFRS accounting system planning and analysis as well as planning, analysis, educational training, introduction and validation of IFRS information system.

Ares will offer flexible ERP configuration functions from ArgoERP IFRS solution: multiple organization and ledger structure, functional currency, asset equipment, revenue recognition, transfer pricing, etc. The general ledger system of ArgoERP provides flexible parameter settings that can not only allow adjustments for various IFRS demands among different industries, but can also automatically generate IFRS reports from data of various ERP systems. ArgoERP IFRS solution provides functional currency and multiple ledger functions for various business units, satisfying the multi-facet operational strategies of cross-region groups. ArgoERP also provides various revenue recognition modules for different industries: percentage of completion method and zero-profit method. Meanwhile, its flexible report functions can meet various need of Yem Chio in strategy, analysis and management.

The IFRS consolidated financial statements data source of Yam Chio covers manufacturing, construction and service industries while the flexible parameter setting of ArgoERP IFRS solution has won recognition from IDB, so it is ideal for companies of related industries of Yem Chio Group to refer to and adopt.

With introduction of ArgoERP IFRS modules, Yem Chio can significantly improve its speed of providing financial statements, reduce the costs of making consolidated reports while synchronizing its internal and external reports. Ultimately, Yem Chio can improve its risk rating, thereby improving its global competitiveness with a better position to raise capital in the global market.

Yem Chio was established in 1978 and specializes in manufacturing OPP packing tape, stationery tape, PVC tape, double-sided tape, double-sided foam tape, kraft paper tape, etc. Yem Chio is the top tape provider and among the top 150 overall manufacturers in Taiwan.

ArgoERP IFRS solution: http://www.ares.com.tw/ArgoERP/en/i.php

Introduction of ArgoERP

ArgoERP provides global mainstream innovative technology, limitless information integration, complete and advanced system functions as well as a user-friendly interface. Therefore, ArgoERP can meet the needs of the multi-business and multi-product operational strategies of the enterprise. Major customers of ArgoERP include Advanced Optoelectronic Technology (AOT), Inc., Amkor Technology, Inc., AOpen Inc., CAREMED SUPPLY, INC., China Engine Corporation, China Ryoden Co., Ltd, DaimlerChrysler AG. Taiwan, Famtech Inc., HannStar Display and Hitachi Taiwan.

Introduction of Ares

Ares International Corp. is the first Taiwan-based software company to be listed on the Taiwan Stock Exchange (TSE). Established for nearly 30 years, Ares is a professional management information system software provider, with professional areas in product technical R&D and system integration. Ares provides products as well as total solutions for e-business, with major service fields mainly for the financial, government and enterprise segments. Ares has received CMMI L3 certification, has outstanding project integration ability, quality guarantee ability, development and maintenance ability and a professional consultancy team.

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