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International Financial Reporting Standards have been mandatory in the EU since 2005 and are rapidly being adopted by countries throughout the world.
Posted by ISACA 57 days ago
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Although converting to International Financial Reporting Standards (IFRS) is accounting-driven, organizations should realize very early on that it is a multi-faceted business change initiative that has potentially wide-reaching impacts across an organization, particularly regarding IT systems.
While IFRS creates a need for new financial data, calculations and reporting, the IT systems and processes should also be reviewed, modified, reconfigured, or even new systems implemented.
This paper is intended to provide a practical guide on how to resolve the major accounting issues usually encountered during an IFRS conversion project and how they can impact IT systems and processes. This paper is different from previous IFRS/IT papers due to its detailed description of the issues and their impact on IT.
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Manager's Guide to Compliance—Sarbanes-Oxley, COSO, ERM, COBIT, IFRS, BASEL II, OMB's A-123, ASX 10, OECD Principles, Turnbull Guidance, Best Practices, and Case Studies—Best Practices and Case Studies
Posted by ISACA 698 days ago
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Volume 3, 2011
by William C. Brown, CISA, CPA, and Byron J. Pike, CPA
The US Securities and Exchange Commission (SEC) is planning what could be among the largest changes in the history of American accounting.
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Conversion to IFRS from U.S. GAAP can affect far more than a company's financial statements. Companies cannot afford to ignore the potential impact of IFRS conversion on technology and people. Companies already planning a systems replacement, upgrade, or other finance transformation project may have to revise their approach if they are required or elect to adopt IFRS. Companies not undergoing such transformational projects may be compelled to do some reshaping of their systems strategy to meet IFRS requirements.
Conversion to IFRS is a change management effort. The success of a conversion depends heavily on how effectively a company informs, mobilizes, and educates its people on the process. During this Webcast, KPMG partners from Europe and the United States will discuss some of the issues involved, including:
- How IFRS can affect your current systems strategy
- How the impact of IFRS on technology can represent an opportunity
- How IFRS training covers far more than just the standards and the accounting personnel
- How to communicate the impact of the IFRS changes to key stakeholders—both internally and externally.
Contributed by Iwan A on 21 Aug 2011
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Converting to IFRS poses a significant challenge to organizations globally. Many companies initially view the conversion process as solely an accounting challenge and fail to take into consideration the significant roleplayed by IT systems and processes...
Posted By : Iwan A | 0 comments
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