IFRS Convergence is not just an Accounting Issue

Experience of Canadian companies undergoing the transition to IFRS is showing that the convergence process is an IT issue as well as an accounting issue. IFRS requires the capture of more information than traditional GAAP systems, such as fair values of certain assets and additional disclosures in the notes and the systems need to be able to capture that information and keep track of it in a useful way. It isn't necessarily major changes that will be needed in the system, but there will be a need for changes, and IT personnel need to be involved to assess, implement and monitor those changes. There is a good article on this matter in CFO Magazine.