PLANNING and GAAP-to-IFRS SCOPING

Plan and Scope your IFRS Transition with IFRS PARTNER – You are off to a great start

Projects that are organized and start well have the best chance of delivering on their objectives and reducing risks and avoiding costly delays. Get your IFRS transition project launched in a matter of hours with IFRS PARTNER.

Step-by-Step Project Plan
Project Timeline

In order to take you end-to-end from GAAP to IFRS, the IFRS PARTNER product comes pre-populated with project planning templates that can be rapidly tailored to your organization’s timetable and structure. IFRS PARTNER provides you with project guidance and an approach to walk you through the key phases in any IFRS transition. The approach is proven and reduces the fog associated with the typical IFRS project.

 

Audit ReportingScoping of GAAP-to-IFRS Differences Using Your Financials
A critical gateway activity for your project is to understand the scope of your IFRS transition project. How many IFRS standards will apply to your organization and where are the major differences between GAAP and the applicable IFRS standards. Finding out with IFRS PARTNER is easy. You simply enter your detailed financials into the product and you can develop a comprehensive list of Inclusions and Exclusions within sixty to ninety minutes. That’s right – it is that fast and easy to develop the industry’s most comprehensive scoping document. Now isn’t that a nice change from the traditional overpriced and drawn out consulting engagement? You bet, and it costs much less also. Oh and by the way, if your financials change or you introduce new divisions and related accounting policies, simply enter your revised financials into the product and you will have an updated project scope.

Reporting Reporting for Audit Committees and External Auditors
IFRS PARTNER provides a variety of detailed and summary scoping reports to meet the needs of different audiences. Audit committee reports react very favorably to the summary and graphical reporting that highlights the areas of greatest concern in terms of GAAP-to-IFRS differences. External auditors will gain a level of comfort on your IFRS transition effort as they review your scoping documentation to determine if they are in agreement in terms of those IFRS standards that will need to be considered or excluded from your ongoing analysis.

Get the Foundation You Need and Then Move On to Draft IFRS Policies and Impact Assessment
Once you have completed your planning and scoping you are in a strong position to accelerate your project towards the critical activities of drafting IFRS policies and then evaluating their options and impact on your organizations. To learn more about this next phase click below to go learn more:
            Go to the Draft IFRS Policies and Impact Assessment page, or

            Go to the IFRS Financial Reporting – Financial Statements and Notes page, or

            Use the index at the left to navigate throughout the IFRS PARTNER website