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Overview
International Financial Reporting Standards (IFRS) is a globally accepted
set of accounting standards and interpretations established by the International
Accounting Standards Board (IASB). IFRS has already been adopted by many countries
in Asia and Europeand is rapidly gaining acceptance in the remaining key markets.
Countries such as Canada, Brazil, India, Korea and Japan will be adopting IFRS by
2011 or shortly thereafter, while the SEC is proposing a roadmap requiring IFRS
adoption between 2014 and 2016 – with selected early adopters by 2010.
What are the key business drivers for conversion to IFRS? A set of consistent accounting
standards and disclosure requirements; a uniform measurement system; additional
capacity to grow and expand through greater access to capital markets; and market
recognition for providing more transparent information, potential for lower cost
of capital and improved credit ratings.
Adoption of IFRS will be one of the most significant changes that publicly traded
companies will have to deal with over the next few years. Conversion to IFRS is
much more than an accounting compliance issue and can impact many areas throughout
an organization. IFRS may have significant overlap and cross-dependencies with an
SAP implementation, financial reporting and consolidationand performance management
projectsand will have an impact from annual 404 Compliance signoff related to internal
controls changes for SEC registrants. From a pure business perspective, addressing
fair value requirements, inventory valuation, revenue recognition, asset component
accounting, share based payments and asset impairment typically require additional
data, processes and systems to address.
N2N has significant capabilities, experience and alliances to help support the IFRS
conversion. Your enterprise will benefit through a proven approach for full life-cycle
of the conversion process; strong business and technology skills (Business Process
Change, SAP Implementations, Systems Integration); program management and governance
experience; flexible resourcing models including offshore support; ability to support
large programs across different geographies; and experience from the N2N IFRS conversion.
N2N IFRS Services
- IFRS gaps and impact assessment
- Target architecture development
- Conversion planning
- IFRS conversion services through design, build, implementation cycle
- Business process analysis and redesign
- Systems options evaluation
- IT systems configuration (ERP, consolidation, reporting)
- Custom application development
- User training
- Quality management (testing strategy, execution)
- Deployment to production
- Program management (process, governance, organization)
- Change management and user readiness
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