Ares leads in IFRS revenue recognition application announcement
Ares International Corp. recently announced its various IFRS (International Financial Reporting Standards) revenue recognition application choices and became the first to be acknowledged by the Taiwan government.
Currently, most ERP systems have no specific solutions to revenue recognition for individual industry and project while Ares can provide various revenue recognition and evaluation methods for special situations such as long-term engineering contract costs, revenue evaluation, delayed revenue recognition for clients in various industries that include manufacturing, construction and service.
For engineering and service contracts, revenue recognition requires appropriate evaluation of project cost sources such as various contracts (sales and purchase), construction and consultancy as well as outsourcing. Ares ArgoERP solution provides the following solution procedures: define SOP, introduce IFRS modules, categorize according to zero-profit or percentage-of-completion methods, list revenue according to project items in project cost system for a more convenient recognition of data collection, a more transparent revenue information, precise evaluation and calculation, thereby improving financial risk rating. Moreover, the project costs can be directly attributed while manpower costs and indirect expenses can be proportioned according to working hours. The solution also offers cost-benefit analysis according to project or duration.
For the percentage-of-completion method, ArgoERP system can connect front-end contract or project management system, assist to inspect abnormal data for the percentage of contract completion, generate accounting journal entries for the percentage-of-completion method and contract revenue, receivable, write-off, expense and payable lists as well as income statements. Furthermore, ArgoERP allows self-configuration of project effective working-hour search, project item cost search, along with evaluation and inventory system report, offering financial and management reports meeting the requirements of IFRS.
Ares has professional and experienced ERP consultants and various best practices in different industries. ArgoERP IFRS solution can meet the requirements of parallel financial reports and final conversion. It also offers flexible settings for various industries and can immediately solve the evaluation issue when undergoing revenue recognition, providing production/sales and financial reports as well as search/analysis for decision makers.
Ares was recently received acknowledgement from the Industrial Development Bureau (IDB) of Taiwan's Ministry of Economic Affairs (MOEA) for Taiwan's adoption of IFRS. Ares has become the first of Taiwan's software service provider to receive approval for "IFRS enterprise management pilot project" with its self-developed ArgoERP system.
Introduction of ArgoERP IFRS solution
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.