Ares holds seminar for Amended Statement of Financial Accounting Standards No. 10: Inventory
Ares International Corp. held a seminar for Amended Statement of Financial Accounting Standards No. 10: Inventory on March 16 to help Taiwan-based enterprises quickly respond to the new statement while offering a corresponding solution developed solely by Ares.
To bring Taiwan accounting in line with international standards, after referencing the International Accounting Standards (IAS 2), on 29 November 2007 the Accounting Research and Development Foundation in Taiwan amended the Statement of Financial Accounting Standards No. 10: Inventory, which applied to financial statements in January 1, 2009. Implementation of the amended Statement of Financial Accounting Standards No. 10 will increase the transparency of financial statements.
Ares invited Shyh-Rong Ueng, partner and accountant of the renowned PricewaterhouseCoopers (PwC) Taiwan, to explain the regulations, practices and impact of the new statement. As well, Ares professional consultants and managers shared with participants the self-developed solution that is suitable for Oracle R12 and R11i versions. With the introduction, participants can understand the cost adjustment model and process planning practice while perceiving the accounting principles for inventory assessment and categorization as well as how to adjust costs to follow the new statement. The efficient solution can help the enterprise in saving manual report-compiling time.
The seminar started with the welcoming speech of Harry Yu, Ares chairman. Yu welcomed major players of Taiwan's various industries to join this seminar.
Next, PwC's Ueng introduced the content and impacted aspects of the new statement. Ueng compared the original and amended inventory accounting methods. The evaluation method for inventory accounting principle has been changed from the original lower of cost or market (LCM) to the lower of cost or net realizable value. In addition, in the past, the enterprise could choose by item, by category or by total sum in comparing inventory costs and market value. Now, the enterprise can only choose comparing by items. Additionally, when calculating inventory costs, the enterprise can no longer adopt the LIFO (last-in, first-out method).
Ares manager Tony Chi highlighted the new practice and process of inventory cost calculation with a detailed case study while Ares manager Wisdom Chang introduced the solution Ares developed for the new statement. Ares is offering LCM reports for Oracle R12 and R11i-version Oracle ERP systems, so that they can be used to meet the requirement of the new statement. With flexible columns for finished goods in inventory, semi finished goods, raw materials and work in process (WIP) while offering easy connection setting with Oracle ERP, the user can quickly implement and become familiar with the new solution. Also, Ares provides related consultancy service for non-Oracle ERP users.
Last but not least, Ares manager Johnny Wu introduced the Ares solution for the new statement from a sales angle. Wu explained how the solution integrates product functions and consultancy service, leaving the participants with a strong impression on and a great interest for the new solution.
Introduction of Ares
Ares International Corp. is the first Taiwan-based software company to be listed on the 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-enterprise, with major service fields mainly from the financial, government and enterprise sides. Ares has passed the CMMI L3 certification, has outstanding project integration ability, quality guarantee ability, development and maintenance ability and the most complete professional consultancy team.