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The importance of IFRS implementation software

Posted by Rick Yvanovich on

After studying the IFRS compliance reasons and IFRS implementation strategy, companies should note that the success of conversion is determined by 3 factors: internal training of personnel, systems upgrades and costs (PwC, 2009).

Internal training and education of personnel is critical during the IFRS transition. As such, project and finance teams should be equipped with the knowledge, skills and mindsets that enable them to effectively use IFRS in their day-to-day tasks. Companies need to ensure:

  • A training strategy is well devised. The appropriate level of detail and length of training must be determined.
  • Training does not exclude those not directly affected by IFRS.
  • There are collaborative efforts internally as well as externally if advisors are hired from outside.

Costs are another factor in conversion success. Usually, the percentage of revenue that must be spent on IFRS conversion will decrease significantly over 3 years since the initial adoption, but this decrease must happen naturally and not be pushed prematurely. Moreover, there is a potential of cost savings in the long-term, especially for multinational companies.

IFRS implementation software

The importance of systems upgrades that allow a smooth transition for companies, from dual to single standard reporting cannot be dismissed. Technology is a key enabler and companies should seek the best IFRS accounting software to help them. Businesses should evaluate whether the IFRS compliance tools can:

  • Handle the change and complexity, especially with multiple charts and books that comes with new accounting requirements.
  • Create a fully auditable environment.
  • Manage a vast number of local variations in language, currency and business standards.
  • Be implemented swiftly for fast, efficient integration and ROI.
  • Support company-wide collaboration and maintenance by finance executives.
  • Provide real-time, comprehensive insight vital for change management.
What features must a financial management system have to facilitate IFRS transition? Find out in the eBrief “Get On Board the IFRS Train.”

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Topics: IFRS, Financial Accounting Management Software, Infor SunSystems

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 Rick Yvanovich
 /Founder & CEO/

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