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Technology Stocks : PSFT - 1999: The "Make-It-or-Break-It" Year? -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (1190)	10/22/2002 7:22:49 PM
From: SemiBull	Read Replies (1) \| Respond to of 1274

PeopleSoft Survey, in Association with CFO Europe, Confirms Increased Financial Disclosure Top Priority Among European Executives Tuesday October 22, 7:08 am ET Survey Finds Impact of Recent Accounting Scandals not Restricted to U.S. Based Companies PARIS--(BUSINESS WIRE)--Oct. 22, 2002-- At Connect EMEA 2002, PeopleSoft Inc. (Nasdaq:PSFT - News) working with CFO Europe, an Economist group publication, unveiled new survey findings investigating the impact of recent accounting scandals on European organisations. The survey results overwhelmingly confirm that increased financial disclosure is a top corporate priority among the more than 235 European executives surveyed. More than 95 percent of the executives surveyed feel it is important to provide more financial information to executive management, non-executive directors and shareholders to improve corporate accountability. "The recent business scandals will put pressure on CFOs and their IT departments to conform to tighter accounting standards and new corporate governance practices," said Ruediger Spies, vice president at META Group. "IT and business management must understand that more frequent and more accurate information has to be available from corporate finance systems. This will put additional pressure on those enterprises that have not yet installed a robust enterprise backbone system." In addition to the need for increased financial disclosure, more than 96 percent of survey respondents also believe that financial accountability must be driven down to line management to support corporate reform efforts. Another 84 percent cited the need for faster management reporting and reduced financial close cycle times as another key initiative that could improve corporate accountability. These responses reflect the fact that strategies to improve corporate accountability are top priorities among European executives. The survey was conducted at the end of September 2002 with more than 235 respondents from across Europe including CFOs, finance directors, managing directors, chairmen and presidents. It provided invaluable insights into the impact of recent financial mismanagement and corporate scandals on European companies. Although the highest profile scandals have occurred in the United States, more than 50 percent of European executives say that the impact was also felt by European and multinational companies. This impact is likely to result in more restrictive accounting standards in Europe. In addition, more than 52 percent of executives feel that recent European initiatives, such as the Department of Trade and Industry initiatives in the United Kingdom and the new Transparency and Disclosure Law in Germany, will drive tighter accounting standards and practices in Europe within three years. Nigel Rayner, vice president Product and Industry Marketing, PeopleSoft EMEA commented: "As companies are required to comply with new regulations and provide additional financial information, they need solutions to improve financial disclosure. To address these challenges, PeopleSoft recently announced two new solutions, the Investor Portal and Global Consolidations. These solutions are designed to help companies manage critical financial information to better inform investors, and allow companies to connect disparate accounting systems for faster, more accurate reporting." The Investor Portal and Global Consolidations will be available in the first quarter of 2003. About PeopleSoft PeopleSoft (Nasdaq:PSFT - News) is the world's leading provider of application software for the real-time enterprise. PeopleSoft pure Internet software enables organizations to reduce costs and increase productivity by directly connecting customers, suppliers, partners and employees to business processes on-line, in real time. PeopleSoft's integrated, best-in-class applications include Customer Relationship Management, Supply Chain Management, Human Capital Management, Financial Management and Application Integration. Today more than 4,900 organizations in 140 countries run on PeopleSoft software. For more information, visit us at www.peoplesoft.com. PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners. -------------------------------------------------------------------------------- Contact: Porter Novelli Katie Bromley, 415/975-2215 katie_bromley@pnicg.com -------------------------------------------------------------------------------- Source: PeopleSoft Inc.