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.