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Ares assists Taiwan government to hold IFRS seminar and announces total solution2010-10-12

Ares International Corp. recently assisted the Industrial Development Bureau (IDB) of Taiwan’s Ministry of Economic Affairs (MOEA) to host an IFRS (International Financial Reporting Standards) seminar and announced a total solution.

The seminar provides answers to various questions of Taiwan-based enterprises that need to convert their accounting standard from GAAP (Generally Accepted Accounting Principles) to IFRS in 2013 and be prepared for their financial reports as well as information systems in 2012.

At the event, representatives from IDB, PricewaterhouseCoopers (PwC) and Ares provided professional insights for IFRS introduction at the enterprise.

Frank Lin, president of Ares, and Ming-Hwei Wu (transliterated from Chinese), an official at IDB, kicked off the seminars by delivering welcoming speeches. Lin indicated the event was a rare and invaluable occasion, as it provides all-encompassing introduction and insight to IFRS conversion for the enterprise—government, accounting firm and information service provider. As such, the enterprise can have a clear picture of possible problems and solutions when converting to IFRS.

Chih-Cheng, Shieh, the first panel speaker and accountant of PwC, highlighted the schedule, challenges, major effects and overall planning for execution of IFRS conversion. Shieh noted that not only the accounting segment, but the information and operational segments will be affected during the conversing process. In addition, major issues for the enterprise include functional currency, departmental information disclosure, consolidated financial report and revenue recognition. Participants found the speech especially useful since Hsieh also included suggested accounting implementation steps.

The key part of the seminar was the speech of Ching Hua, Cheng, senior consultant of Ares. Cheng elaborated on IFRS-affected segments, current situations of enterprise facing IFRS introduction, resource allocation and role-playing, the expected results of the IFRS reference project undertaken by Ares, information system solution by Ares and Ares professional information service.

In the past, the segments that are affected by IFRS conversion such as government, accountant and information service provider all worked independently and did not actively interact with each other. However, the Strategy Review Board (SRB) of Taiwan’s Executive Yuan has decided the involved parties will assist the enterprise in related conversion while IDB has established the “IFRS Promotion Alliance”, with Ares the first information service provider granted the "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, Cheng noted, adding that Ares also provides IFRS simulator for the enterprise to simulate various accounting method scenarios and the resulted ledgers for comparative financial reports. Last but not least, Cheng exemplified how the enterprise can employ various Ares services to introduce IFRS conversion by ArgoERP IFRS solution: standard product upgrade, professional consultancy, module and special customization, etc.

Since the enterprise has to meet the IFRS introduction deployment needs beforehand, the seminar received much participation and appraisal since IDB is the major advisor of "IFRS enterprise management pilot project" while Ares is the first of its peers to receive acknowledgement for its pilot project.

Introduction of 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.

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

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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