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It spending hike ...

For many companies, 2003 will likely see a big increase in technology spending to update older, or legacy, financial systems. The updates are needed if companies are to meet the stricter financial reporting rules and shorter deadlines imposed by the Sarbanes-Oxley Act of 2002. A recent survey found that:

* 45% of all systems are legacy systems

* 59% of finance departments are still supported by legacy systems

* Almost 1/3 of IT spending in 2003 will go maintaining and updating legacy systems

* 64% of finance departments plan to replace their legacy systems with new ones to meet the requirements of the Sarbanes-Oxley Act
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Title Annotation:technology spending
Publication:California CPA
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 1, 2003
Words:102
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