IFRS Transition Management - IFRS PARTNER helps you to plan your transition project; analyse and determine the impact of the new IFRS standards on your organisation; then provide audit committee and external auditor documentation to substantiate your decision making.
Projects that are organised and start well have the best chance of delivering on their objectives and reducing risks and avoiding costly delays. Get your IFRS transition project launched in a matter of hours with IFRS PARTNER.
Step-by-Step Project Plan
In order to take you end-to-end from GAAP to IFRS, the IFRS PARTNER product comes pre-populated with project planning templates that can be rapidly tailored to your organization’s timetable and structure. IFRS PARTNER provides you with project guidance and an approach to walk you through the key phases in any IFRS transition. The approach is proven and reduces the fog associated with the typical IFRS project.
Scoping of Applicable IFRS Standards Using Your Financials
A critical gateway activity for your project is to understand the scope of your IFRS transition project. How many IFRS standards will apply to your organization? Finding out with IFRS PARTNER is easy. You simply enter your detailed financials into the product and you can develop a comprehensive list of Inclusions and Exclusions within sixty to ninety minutes. Oh and by the way, if your financials change or you introduce new divisions and related accounting policies, simply enter your revised financials into the product and you will have an updated project scope.
Reporting for Audit Committees and External Auditors
IFRS PARTNER provides a variety of detailed and summary scoping reports to meet the needs of different audiences. Audit committee reports react very favorably to the summary and graphical reporting that highlights the areas of greatest concern in terms of GAAP-to-IFRS differences. External auditors will gain a level of comfort on your IFRS transition effort as they review your scoping documentation to determine if they are in agreement in terms of those IFRS standards that will need to be considered or excluded from your ongoing analysis.
Get the Foundation You Need and Then Move On to Draft IFRS Policies and Impact Assessment
Once you have completed your planning and scoping you are in a strong position to accelerate your project towards the critical activities of drafting IFRS policies and then evaluating their options and impact on your organizations.
Draft your IFRS Policies and Evaluate Policy Impacts with IFRS PARTNER
IFRS has the potential to cause significant change for your organization in terms of financial measures, qualitative issues and business processes. IFRS PARTNER helps you get to the detail needed to determine the impact of IFRS policies on your organization and helps you to substantiate your transition decision making.
Pre-Formatted IFRS Policies and across all IFRS Standards
The drafting of IFRS policies is fundamental to the evaluation of the impact of IFRS on your organization. IFRS PARTNER comes with policy content and guidance, under license from the IFRS Foundation (formerly the IASB), to help you understand what policy elements must be evaluated. These policies elements can be quickly tailored to your requirements. An additional benefits derived from the definition of your formal IFRS policies is the need to discuss any changes in your MD&A documentation to investors. Moreover formal policies provide greater consistency and clearer understanding for staff to ensure improved internal controls and disclosure controls.
Impact Assessment Guidance and Evaluation Tools
IFRS PARTNER provides comprehensive guidance and evaluation tools across all IFRS standards to help you quickly identify and document issues and actions that must be addressed. Each evaluation template takes you through a structured approach to evaluate IFRS policy impacts in the areas of financial measurements, disclosures, systems and data, internal controls, and business activities. As you work through each template you can identify impact ratings, responsibilities, due dates, attach notes and calculation templates, and more. In effect, IFRS PARTNER acts as your guide through each standard and helps you address the standards impact on your organization across each evaluation criteria and policy element. IFRS PARTNER keeps you organized so that you can document and backup your IFRS decisions and transition process. So, whether you are looking at IAS 16 Property, Plant & Equipment, or IAS 39 Financial Instruments, or any of other IFRS standards that apply to your organization you are covered by IFRS PARTNER. So, when someone asks you about your IFRS transition, IFRS PARTNER helps you to clearly demonstrate care and due diligence in your IFRS transition activities.
Impact Assessment Reporting for Project Management and Audit Committee Reporting
As you move through your impact assessment activities you will want to provide various forms of report and status information to keep your project team, senior management, audit committee and external auditor up-to-date on your transition progress. IFRS PARTNER makes it easy for you to capture key actions and issues associated with your evaluation and then provide both graphical summary and detailed drilldown reports. You can run GANTT charts showing key actions and resolutions needed for each IFRS standard, or perhaps you would like to provide charts outlining the severity of the IFRS policy change impacts across various business metrics and activities. This can all be undertaken with IFRS PARTNER and much more. Create flexible reporting profiles so that you can send the appropriate level of information to your transition stakeholders. Stay in command with IFRS PARTNER.
Once You Have Finalized Policies and Impacts It’s Time To Create IFRS Compliant Financials
The completion of the draft IFRS policies and impact assessments you are ready to implement required changes and move onto the creation of IFRS financials with GAAP comparatives and supporting IFRS disclosures. IFRS PARTNER makes it easy to move onto the number and the notes. Let the fun begin! Just kidding sometimes we get carried away – after all this is accounting.
To learn more about this next phase click below to go learn more:
Go to the IFRS Financial Reporting – Financial Statements and Notes Manager page, or
Use the index at the left to navigate throughout the IFRS PARTNER for Nigeria website