Recent TRG blog posts

One of the steps in an effective IFRS implementation strategy is to assess the impacts of IFRS on the whole organisation. Reporting and disclosure (e.g., financial statements) are likely to be at the forefront of major changes.

Infor is pleased to announce the general availability of Infor SunSystems Mobile 1.1.0, available for download in the Apple App Store^SM. 

IFRS transition is a business issue that touches all corners of the organisation from board involvement at the CEO/CFO level down to the business process layers. It is not an IT-driven initiative, as the interpretations of the legislation can be complex. However, technology involvement must not be dismissed.

IFRS transition is a business issue that touches all corners of the organisation from board involvement at the CEO/CFO level down to the business process layers. It is not an IT-driven initiative, as the interpretations of the legislation can be complex. However, technology involvement must not be dismissed.

Organisations that seek globalisation inherently face the challenge of managing their business operations in various locations. Hence, visibility into overall financial data and performance is of utmost importance. According to a study by Aberdeen Group in 2011, improving visibility is the most popular strategy companies use to aid their global expansion quest.

During the IFRS adoption, a company will make some simple and straightforward changes, such as adding a few extra accounts in its corporate financial systems so it can collect existing data in a different way. Other changes will be more challenging, requiring the company to change several business processes or, in some cases, redesign all or part of its financial system.

During the IFRS adoption, a company will make some simple and straightforward changes, such as adding a few extra accounts in its corporate financial systems so it can collect existing data in a different way. Other changes will be more challenging, requiring the company to change several business processes or, in some cases, redesign all or part of its financial system.

The finance department is facing mounting pressures to not only increase process efficiency but also rise to a more strategic level. A finance transformation is even more urgent when it comes to international expansion. In fact, a study by Aberdeen Group in 2012 indicated that the need for agility to account for market volatility is the top pressure impeding global expansion.

One of the steps in an effective IFRS implementation strategy is to assess the impacts of IFRS on the whole organisation. Reporting and disclosure (e.g., financial statements) are likely to be at the forefront of major changes.

Read more: A complete guide to financial consolidation

By Brian Hughes, senior business consultant, Infor Financials Brian Hughes