The U.S. Securities and Exchange Commission (SEC) in 2015 will be providing companies listed on U.S. capital markets with formal direction regarding International Financial Reporting Standards (IFRS) for domestic filers. These new standards in many cases will be a hybrid, or converged, combination between existing U.S. GAAP rules and IFRS. 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.
The graphic below illustrates the IFRS transtion process simplifed with the proven IFRS PARTNER way:
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