IFRS Conversion - IT Aspects
It is well known that the conversion to International Financial Reporting Standards (IFRS) coming up by 2011 is a significant undertaking of public companies. The first part of the conversion must be completed by this winter, so the time is approaching. An important part of the IFRS conversion process is dealing with the IT implications. IFRS require maintaining records of items and asset and liability values that most companies have not kept before. This is not an easy matter to deal with, especially in large companies with multiple sets of records and diverse circumstances.
Some guidance is available on this issue. For example, KPMG has released two booklets - The impact of IFRS on technology: A practical introduction and The IT aspects of IFRS conversion.
The Information Technology Advisory Committee (ITAC) of the CICA has released a series of podcasts on the subject, which is available for download from the ITAC website. This unique presentation draws upon the experience with IFRS conversion in Europe.