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how IFRS differed from their previous, home-country GAAP
practices. Early strategic planning—with oversight from
executive management, accounting and technology—and
adherence to best practices smooth the transition to global
accounting standards and minimize the need to rush critical
tasks, a situation ripe for errors and redundancies.
Tools for Transition
Next generation Enterprise Resource Planning (ERP) will be
a key enabler in the transition to IFRS, particularly in the
areas of financial consolidation and reporting. While there
are hundreds of variations between IFRS and US GAAP,
most companies will need to tackle between 10 and 40—all
of which can be compared, tested and reconciled with a
comprehensive ERP system.
When built on a flexible, intelligent framework, ERP systems
allow financial services and other firms to improve efficiency
and effectiveness by:
■ streamlining workflows and consolidating operational
data;
■ providing visibility and analytics needed to improve
operational efficiency and minimize operating costs;
■ automating business-specific transactions and eliminating
manual processes while alerting staff to exceptions that
require human intervention (and ensuring that these
interventions occur in a timely fashion);
Customers of Epicor Software, a leading provider of business
and enterprise solutions with a presence in over 150 countries,
have actually reported solid quantifiable results with their next
