London, 18 December, 2024 – PwC is leveraging the Oracle Fusion Cloud Applications SuiteOpens in a new window to unveil new implementation and consulting services to help global businesses simplify and automate the data consolidation and reporting processes to address new reporting standards.
Starting in 2024, multinational organisations will need to expand and digitally evolve the way they collect, report, and track data to the requirements imposed by international regulations, which include Organisation for Economic Co-operation and Development (OECD) Pillar Two tax requirements, Corporate Sustainability Reporting Directive (CSRD) standards, and Carbon Border Adjustment Mechanism (CBAM) rules.
PwC analysis has found leaders lack access to the quality data they need to meet an array of new reporting requirements or to inform decision-making across a range of sustainability issues, including the tax contribution of business, that increasingly underpin the enterprise value of their companies.
Combined, Pillar Two, CSRD, and CBAM mandatory disclosures represent a new reporting standard that calls for a comprehensive data strategy evolution to ensure the underlying technology supports the reporting needs.
To address this challenge, PwC is unveiling new services that will enable organizations to extract the data points necessary from Oracle Cloud to help comply with mandatory requirements and derive greater value from their technology investments.
Pillar Two data processing services are designed to enrich Oracle Fusion Cloud Enterprise Performance Management (EPM)Opens in a new window and enable customers to efficiently standardise the process of gathering and reporting on required tax data points, including:
Sustainability data reporting services are designed to leverage Oracle Fusion Cloud Sustainability (PDF)Opens in a new window, part of Oracle Fusion Applications SuiteOpens in a new window, as well as Oracle Cloud EPM to help sustainability and operations teams meet CSRD and CBAM reporting requirements.
Kevin Sullivan, Oracle Alliance Practice Leader, PwC US said:
“Organisations should see this as an opportunity to build a better data strategy and meet compliance while creating a competitive edge. Pillar Two, CSRD, and CBAM challenge enterprises to quickly adapt to a new way of reporting. Each of them requires complex operations that can only be simplified with automation. We at PwC are dedicated to helping them address these obligations in a strategic and efficient way.”
Patrick Pugh, Global Alliances Leader, PwC said:
“As the global regulatory landscape shifts, business leaders are seeking services to help them address compliance and market expectations. The innovative capabilities offered by PwC to extend the Oracle platform bring PwC’s proven strengths to the forefront: leveraging leading technology, analytics and our in-depth consulting expertise to help organisations meet their needs.”
Hari Sankar, Group Vice President, Product Management at Oracle said:
“To prepare for new international regulations and tax requirements, organisations need comprehensive solutions that collect and analyse enterprise-wide data. By combining the power of PwC’s consulting services with Oracle Cloud EPM and Oracle Fusion Cloud Sustainability, organisations can centralise controls, streamline coordination, and collect and manage data from various source systems in order to help ensure compliance with new tax regulations and effectively manage and report on sustainability initiatives.”
PwC offers comprehensive support in identifying Pillar Two data requirements and integrating them into Oracle Cloud. Additionally, PwC's industry knowledge extends to helping tax and finance leaders comprehend the implications of intricate Pillar Two rules and provide provision, compliance, and model capabilities when using the Pillar Two Solution in Oracle Cloud EPM.
CSRD and CBAM reporting require granular disclosures covering a broad spectrum of sustainability topics. This is a monumental task that forces enterprises to re-engineer and inevitably digitise processes to comply with the two directives. By relying on PwC’s in-depth sustainability industry knowledge, coupled with Oracle Fusion Cloud Sustainability, finance and sustainability teams can capture and analyse critical sustainability data to enhance reporting, expand insights, improve decision-making, and accelerate progress towards environmental goals.
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About PwC: Through its alliance with Oracle, PwC implements cloud-based technology across industries to help organisations improve decision-making, empower their workforce, drive innovation and accelerate business growth. PwC aligns with Oracle’s product development and support teams to assist with the overall project lifecycle. PwC’s Oracle practice has been named a Leader by analyst firms in Oracle Application Cloud Services Worldwide, Oracle Supply Chain Services, and Oracle Cloud Implementation Services. For more information, visit www.pwc.com/oraclealliance.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
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