New Accounting regulation will place pressure on IT

[FisionChips]

Following the worldwide crisis in the financial sector, new regulation is likely to be introduced to help prevent the situation reoccurring.

Paul Rubens writes in LinuxPlanet that the regulations are likely to make Sarbanes-Oxley, which was introduced in the wake of the Enron affair, regulation look like a walk in the park by comparison.

The new regulation will likely provide for better corporate auditability. Please read Paul Rubens' article here.

Whilst Sarbanes-Oxley was introduced as a US based piece of regulation, it will be interesting to note how the new financial regulations will be implemented globally. However it is done, there will ensue an IT headache as companies strive to implement/update corporate software to ensure compliance. I hardly think this will be bad for IT specialists dealing with ERP software though, this might even lead to a boom in IT services such as occurred for Y2K, when IT professionals were very much in demand to cure the two digit date issue.