The U.S. Securities and Exchange Commission (SEC) in 2011 will be providing companies listed on U.S. capital markets with formal direction as to whether International Financial Reporting Standards (IFRS) will become the new accounting standard by financial statement preparation and presentation. These new standards in many cases will be a hybrid, or converged, combination between existing U.S. GAAP rules and IFRS. The potential exists for these new standards to be in place by 2015 or 2016. These standards will drive major change in not only the reporting of your financial results, but also changes in internal systems, business processes, performance management, external communication and more.
To help make this transition to new accounting standards, you need a partner and a game plan to ease your journey. You need IFRS PARTNER.
The global, leading software solution to assist U.S. companies in the conversion to IFRS
IFRS PARTNER is the leading solution worldwide to help publicly-traded companies move from local GAAP to IFRS. Companies around the world use IFRS PARTNER to reduce the cost, time and risk associated with making the transition from local GAAP to IFRS and then to provide ongoing IFRS compliant financial reporting.
IFRS PARTNER is a comprehensive, step-by-step product approach, with supporting services, to help you coordinate the change to IFRS in manageable phases.
- Phase 1 - Preliminary Plan and Scoping
- Phase 2 - Detailed Assessment, Conversion Planning and Development
- Phase 3 - Implementation and Parallel Reporting
- Phase 4 - Live IFRS Operating Processes, Ongoing Monitoring, New Standards Changes