5. Leverage your existing in-house project management methodology. Or, if you don’t have one, create one using an external project manager. Understand that initiatives like this take more time and resources than you think initially. Planning, monitoring and measuring progress are all critical.
6. Be honest in assessing in-house resource allocation and competency, and plan accordingly. Most companies cannot complete this change without utilizing outside experts that have the knowledge, skills, expertise and perspective to guide the process.
7. Identify the respective roles of headquarters and field offices, including foreign subsidiaries. A centralized focus has proven valuable to most IFRS implementations, but active and ongoing participation in the field is paramount.
8. Plan how to involve IT with changes needed to support IFRS implementation. Will IT be involved on a centralized basis? How will regional IT be utilized?
9. Determine how to involve the external auditor team and the role it will play during the IFRS transition.
10. A significant amount of documentation will be generated as part of IFRS implementation and you will need to establish standards for document creation, sharing and storage during the transition.
Clearly, switching accounting platforms is a big undertaking and requires input from across the corporation to be done successfully. But the use of IFRS is only going to increase and making the transition can help your business be better positioned for future growth and investment.
Mr. Bossov has more 25 years experience in consulting, accounting, technology and project management. For prior reporting by Global Atlanta on the International Financial Reporting Standards, click here.