MANAMA: VIVA Bahrain has announced full compliance with International Financial Reporting Standards 15 (IFRS 15).
With
this, the firm has also become the first telecom company in the world to deploy
the IFRS 15 on cloud service accredited by key partner Oracle.
The
standard promulgates the principles adopted by VIVA when reporting information
about revenue and cash flows from a contract, aimed at ensuring the accurate
financial reporting to its stakeholders.
Issued by
the IFRS foundation, IFRS 15 is known to provide a common global language for
businesses, making company accounts understandable and comparable across
international boundaries.
VIVA
Bahrain chief executive Ulaiyan Al Wetaid congratulated the executive
management and leadership of the company and associated partners for successful
deployment of IFRS 15 on Oracle cloud.
“Choosing
Oracle Revenue Management Cloud Service and Oracle Accounting Hub Reporting
Cloud Service, along with Wipro as an integrator, turned out to be a great
decision for us,” he added.
IFRS 15
has been developed to harmonise the accounting treatment across various
industries in the world.
It also
serves the public interest by building trust, growth and long-term financial
stability in the economy, a significant driving force at VIVA Bahrain, said the
company.
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