Fostering the development of Bahrain’s telecom industry and ensuring adherence to the best global business codes of practice, VIVA Bahrain announced its full compliance with the International Financial Reporting Standards 15 (IFRS 15) issued by the IFRS Foundation. Through this, VIVA Bahrain has also become the first telecom company in the world to successfully deploy the IFRS 15 on Cloud Service accredited by key partner, ORACLE.
The standard promulgated 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. IFRS 15 is also known to provide a common global language for businesses, making company accounts understandable and comparable across international boundaries.
Mr. Ulaiyan Al Wetaid, CEO VIVA Bahrain congratulated the Executive Management and leadership of VIVA Bahrain and associated partners for successful deployment of IFRS 15 on Oracle Cloud. He said, “This achievement was only made possible with the tireless efforts from the teams involved and our supporting partners.”
He continued, “We are the first telecom company in the world to be fully compliant with IFRS 15 on Oracle Cloud, which is required for our statutory financial regulations. 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.”
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.