FSN - Financial Reporting

Oracle to stop selling Oracle Hyperion Enterprise by the end of 2012

Oracle has just announced that Oracle Hyperion Enterprise, the consolidation workhorse of the global 2,000 will no longer be sold after the end of this year. At that time, additional sales of Oracle Hyperion Enterprise and Oracle Hyperion Enterprise Reporting will be restricted to existing customers only. The popular product which has been the mainstay of financial reporting in so many companies will effectively be ‘frozen’ in time at version 6.5.1.1 But Oracle emphasises that although there will be no new releases of the software, the product will enjoy continuing support under its ‘sustaining’ support programme after April 2013.

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Only 11% of accountants believe their organisation has processes in place to manage spreadsheet risk

Organisations are still putting themselves at considerable financial and reputational risk by failing to properly control the way they use spreadsheets, according to new research undertaken by Protiviti. The global consulting firm polled 100 ICAEW Chartered Accountants in December 2011.

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New FSN White Paper -"Margin Pressure -The strategic and operational response to sustaining profit margins in challenging markets."

Profit margins are under pressure from a combination of geo-political change, unprecedented economic volatility and structural changes such as the impact of the internet on trading methods. In response to the more testing conditions, businesses have ‘tightened their belts’ and sought to reduce costs. But with an inability to control prices and costs already cut to the bone there are seemingly few places to turn to for improved profitability. In this FSN White Paper, sponsored by Oracle, Gary Simon, FSN’s managing editor, explores what practical strategic and operational steps businesses can take to improve their margins.

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IT2 Treasury Solutions launches IT2 Treasury Transparency & Performance

IT2 Treasury Solutions has announced the latest version of its Treasury Management Solution, IT2 7.2: Treasury Transparency & Performance. The launch addresses emerging demands on treasury with a series of major enhancements for treasury visualization and Treasury KPIs, collateral management for regulated derivatives and multi-language support

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Deloitte warns the 2012 Olympics could disrupt your financial close

According to Deloitte, the Olympics have the potential to disrupt the financial close of companies listed on the London Stock Exchange. The audit firma suggests that companies have not yet considered the impact the Games may have, primarily through staff absence, on the financial reporting process.

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Tagetik and PwC set up joint multinational competence centre

Tagetik and PwC have announced a joint international competence centre to support customers worldwide. The centre, is to be based in Zurich, but the strategic relationship spans half a dozen countries throughout Europe and includes North America.

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Deloitte CFO survey points to Euro break-up concerns

Deloitte has this week released the results of its fourth quarter’s 2011 CFO Survey. It reveals that UK CFOs see a break-up of the euro as the biggest threat to their businesses in 2012. One CFO summed up the wider concern when he wrote that the biggest risk was a “Eurozone collapse sparking a second credit crunch”. UK corporates have been unconvinced by the response of European politicians and policymakers to the crisis. On average respondents see a high probability, 37%, that one or more member states will leave the single currency in the course of 2012. CFOs believe that a collapse of the euro would have its most severe effects on UK business through financial channels – by causing a new credit crunch and by driving major swings in asset prices and exchange rates.

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Review of 2011 – a year of surprising innovation

Despite the economic gloom and doom 2011 has been surprisingly buoyant in respect of the business systems market. This is the year in which performance management has established itself in the Cloud, that the Last Mile of Finance has been embellished by several solutions for Disclosure Management and Social Media capability has made its first serious appearance in finance applications. But it is also the year in which XBRL – now mandatory for so many companies – has yet to receive the attention it needs to fulfil its promise of greater comparability and transparency. In his review of 2011, Gary Simon, FSN’s managing editor looks at the initiatives, trends and vendors shaping the market.

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Laing O'Rourke selects Tagetik for group management and statutory reporting

Laing O’Rourke, the largest privately owned construction solutions provider in the UK. has selected Tagetik to streamline its consolidation process. The breadth of its expertise and geographical reach means it is engaged on the full spectrum of projects - from remote desert railways to urban regeneration and transport infrastructure schemes across the Europe, Canada, the Middle East, South East Asia and Australasia.

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"Why combining 'numbers' and 'narrative' is critical for next generation Disclosure Management."

In this white paper Gary Simon, FSN\'s managing editor, works with Tagetik to provide a new perspective in group financial reporting which seeks to explain what sort of technology support is required to reconnect pre- and post-consolidation phases so that the Last Mile is not seen as a separate activity or afterthought but as a part of a continuum from financial close to reporting; in which numbers and narrative are inextricably linked.

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