IQMS ANNOUNCES COMPLIANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Published on October 28, 2009 in Computer & Electronics, Computer Software, Internet, Technology

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IQMS Solution Allows Customers to Easily Comply and Transition to Upcoming International Accounting Standards

Paso Robles, CA (October 28, 2009) –

IQMS, an innovator in the design and development of manufacturing Enterprise Resource Planning (ERP) software, today announced that its flagship solution, EnterpriseIQ, enables companies to comply and easily transition to International Financial Reporting Standards (IFRS), which are being phased into use from 2010 to 2014 from Generally Accepted Accounting Principles (GAAP).

IQMS continuously updates EnterpriseIQ, its single database solution, and routinely reviews international accounting standards for its customers who do business globally. The company enhanced EnterpriseIQ to ensure its customers do not have to worry about IFRS compliance. Other ERP companies that rely on third parties or multiple databases will not have the ability to upgrade as quickly as IQMS.

“We know that our customers count on us to provide the most updated solutions to keep them ahead of international accounting changes,” said Karen Sked, vice president of development at IQMS. “While companies are racing to ensure their solutions provide compliance to IFRS, we have already done the hard work for our customers and guarantee they can easily transition to accrual-based accounting.”

EnterpriseIQ’s holistic approach of system design captures data, transactions and provides the tools necessary to accommodate the reporting of even the most difficult IFRS requirements. With a focus on multi-facility companies, the detailed traceability on inter-company or cross border transactions which require current and deferred tax transactions are easily completed. In addition, inventory valuation and asset componentization, both part of the system for years, have been enhanced to fully encompass the regulation standards.

IQMS has been readily helping manufacturing customers tackle growing global demand with its solutions as well as its presence. Last month, IQMS announced its new channel partner, IQMS ERP India Pvt. Limited in Baroda in the state of Gujarat. In June, IQMS opened a UK office to enhance local sales and support across Europe.

“IQMS never stops when it comes to keeping its ERP software relevant for its customers,” said Glenn Nowak, vice president at IQMS. “Once we reviewed the accounting standards, we reacted quickly because we knew our customers needed to be compliant.”

About IQMS
Since 1989, IQMS has been designing and developing ERP software for the repetitive, process and discrete manufacturing industries. Today, IQMS provides leading real-time manufacturing, accounting, production monitoring, quality control, supply chain, CRM and eBusiness solutions to the automotive, medical, packaging, consumer goods and other manufacturing markets. The innovative, single-source enterprise software solution, EnterpriseIQ offers complete functionality and scalable solutions all in a single database. With offices across North America, Europe and Asia, IQMS serves manufacturers around the world.

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IQMS and EnterpriseIQ are trademarks of IQMS. All other brand and product names are the trademarks of their respective companies.

Source: IQMS

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