SMOOTH TRANSITION: PREPARING FOR THE IFRS
The International Financial Reporting Standards (IFRS) aim to become the
single, high-quality standard to help participants in world markets and others
make sound economic decisions. It has already been adopted in nearly 100
countries (including EU and most of Asia) and will be transitioned into the
U.S. in the very near future. Early planning and adherence to business and
system best practices will ensure a smooth conversion to IFRS.
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Figure 1. An overview of the IFRS project development and execution
process. The IFRS implementation phase is a subset of the overall
project execution process and runs in parallel. The ERP system is at
the core of the IFRS transition process at the systems and data level.