Cognos provides IFRS and performance management blueprints   22nd May 2006 Cognos, says it is seeking to add value to financial reporting processes with two new developments around Cognos 8 Controller, its financial consolidation engine and Cognos 8 Business Intelligence. The company has announced two new blueprints for International Financial Reporting Standards (IFRS) and Management and Financial Reporting (MFR) based on work coming out of its Innovation Centre. The new International Financial Reporting Standards (IFRS) Performance Blueprint assembles the collective best-practice insights of Cognos customers across Europe to provide generic, predefined structures that comply with the IFRS regulation and cover the management of financial statements. A new Management and Financial Reporting (MFR) Performance Blueprint provides a pre-built library of configurable performance reports to help simplify and accelerate deployment. Cognos says it is designed to help increase efficiencies in the financial consolidation process and to provide timely distribution of performance reports to business managers. The new Management and Financial Reporting (MFR) and International Financial Reporting Standards (IFRS) Performance Blueprints are based on the reporting and analysis capabilities of Cognos 8 Business Intelligence and the enterprise financial consolidation and corporate reporting capabilities of Cognos 8 Controller. Each solution embeds best-practice experience taken from the Cognos Innovation Center 's ongoing work with its industry thought leader advisors, partners and customer members. “The functionality present in the MFR Performance Blueprint facilitates the production of a ‘fit for purpose' suite of KPI reports more rapidly than previously possible, as the MFR Performance Blueprint contains pre-defined formatting that can be quickly adapted to meet specific reporting requirements, reducing reporting suite development time and maintenance” said Kevin Clifford, Head of Reporting and Analysis, Thorn Group. “These new offerings will help customers reduce implementation project time and accelerate their progress to business value,” said Renee Lorton, senior vice president and general manager, Performance Management Applications, Cognos. “They provide organisations with the best-practice insights for integrating financial management and statutory consolidation and reporting processes with operational processes and systems and leveraging reporting and analysis for enhanced management and corporate reporting. The end result is improved internal reporting cycles and a higher degree of transparency for performance management decision-making.”
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