To meet evolving regulatory mandates, companies around the world are adopting International Financial Reporting Standards (IFRS), a set of methodologies and disclosure requirements for the preparation and presentation of financial statements. Yet making the transition to IFRS is not just a rote accounting exercise. Embracing these standards affects the entire company and requires the support of personnel throughout the enterprise. What's more, adopting IFRS requires careful planning and thoughtful execution to overcome the many inherent challenges of such an extensive and significant change.
SAP Thought LeadershipEnterprise Performance Management
Streamlining Your Conversion to IFRS
Challenges, Choices, and
Transformative Technologies Now is the time to begin treating the IFRS transition as an opportunity rather than just a mandate. With careful planning and thoughtful execution, you can use IFRS adoption as a chance to review and improve your financial consolidation and reporting systems and enable rapid legal compliance.CONTENT
^ 4 Executive Summary ^11 Critical Decision Points in IFRS Success^ 5 The Call for Transparent 11 Parallel Reporting Financial Reporting 11 Topside Adjustments 5 Mapping IFRS Mandates 11 Change-Enabling Technology 5 Benefits of International Financial 11 Disclosures and CommentaryReporting Standards 12 Report Writing 6 Defining Strategies for IFRS 12 Integrated Source Systems Deployment 12 XBRL 6 Comparing IFRS Principles with 13 Automated Internal Control GAAP Rules Processes 6 Mandating IFRS in the United States ^14 Solutions from SAP 7 Understanding IFRS Impact on 14 Smoothing the Path to IFRS with Group Financial Reporting SAP BusinessObjects Software 14 IFRS Features^ 8 Preparation and Planning 15 IFRS Starter Kits 8 Identifying Common Difficulties 15 Compliance Support 8 Laying the Groundwork 15 Source System Integration 8 Scope of Impact 15 The Experience You Need 9 Personnel 9 Reporting ^16 Unparalleled Opportunity 10 Transaction Recording 17 Key Provisions of IFRS 10 Planning for Change
Overview
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Making the Transition to IFRS:
Seizing the Opportunity
To meet evolving regulatory mandates, companies around the world are adopting International Financial Reporting Standards (IFRS), a set of methodologies and disclosure requirements for the preparation and presentation of financial statements. Yet making the transition to IFRS is not just a rote accounting exercise. Embracing these standards affects the entire company and requires the support of personnel throughout the enterprise. What's more, adopting IFRS requires careful planning and thoughtful execution to overcome the many inherent challenges of such an extensive and significant change.
If you must make the move to IFRS, Andrew Bray, technology director at however, it makes sense to take PricewaterhouseCoopers LLP in the advantage of the opportunities 2009 white paper "Complying with this transition provides. Enterprises International Financial Reporting 1can realize benefits beyond simple Standards."compliance - ranging from reduced closing times to higher-quality infor This paper ... [download for more]
