IFRS implementation services

Implications of an accelerating global trend

IFRS is rapidly gaining acceptance globally, spurring companies throughout the world to assess the potential implications and benefits of adopting these standards. Implementing IFRS can have an impact on almost all aspects of a company, including financial reporting systems, internal controls, taxes, treasury, management compensation, cash management, and legal, among others. While implementation of high-quality financial reporting standards is challenging, when planned and managed properly, the conversion can bring substantial improvements in the performance of the finance function, streamline the statutory financial reporting process globally, enhance controls, and reduce costs, as it affords:

Mapping the change: IFRS implementation guide

Conversion experience in Europe, as well as Asia and Australia, shows that conversion projects often take more time and resources than anticipated. Historically, that has led some companies to rush and risk mistakes or outsource more work than necessary, driving up costs and hindering the embedding of IFRS knowledge within the company. At the same time, conversion brings a one-time opportunity to comprehensively reassess financial reporting and take "a clean sheet of paper" approach to financial policies and processes. Such an approach recognizes that major accounting and reporting changes may have a ripple effect impacting many aspects of a company's organization. This implementation guide is intended to jumpstart strategic thinking about an IFRS conversion. It provides an outline for a suggested IFRS conversion approach, highlighting objectives, timelines, key considerations, and insights. It is not a comprehensive "how-to" manual, because each company will proceed according to its own unique needs. Rather, its intent is to provide a framework for understanding the scope of the conversion process, encourage strategic thinking, and help companies identify where they may need more information, resources or experience. This publication is part of our "IFRS readiness series" and is intended for a company

Nigeria to Begin Implementation of IFRS Jan 2012

NIGERIA is to begin the implementation of International Financial Reporting Standards (IFRS) with effect from January, 2012. To this effect, Senator Jubril Martins-Kuye, minister of commerce and industry, has directed the Nigerian Accounting Standards Board (NASB) to ensure efficient action plan and framework for compliance by all stakeholders with effect from January 1st, 2012. Speaking at the launch of a roadmap for the adoption of IFRS in Abuja, Martins-Kuye noted the

importance of compliance as world economies are more interconnected and symbiotic and nations are desirous of moving forward by freeing themselves from the limits of the present system of financial reporting standards. He noted that as a result of globalization, a number of Nigerian companies have raised capital from international stock markets and others established presence in other jurisdictions while a good number of Nigerians hold the securities of non-Nigeria issuers. The minister said for a better understanding and appreciation of the risks and consequently, making decisions about the flow of economic capital, it makes sense that financial statements prepared in Nigeria use global financial reporting benchmarks. He listed some of the programmes expected to be executed by the NASB to ensure smooth transition to IFRS by all stakeholders such as creating awareness on potential impact of the conversion, identifying regulatory synergies to be derived and communicating the temporary impact of the transition on business performance. Other programmes include education and training, public sector financial reporting and applicable financial reporting standards and the future role of the NASB after the adoption of the IFRS. On the phased implementation of the IFRS, Martin-Kuye said publicly listed entities and significant public interest entities are to prepare their financial statements using applicable IFRS by January 1, 2012. The choice of this date is anchored on the need to effectively transit to IFRS over a three year period.