How to avoid the IFRS headache

Recent statistics -- including those from an Ernst and Young Canada coproduced report on Canadian IFRS readiness -- have shown that while half of all senior finance executives have started to evaluate the impact of IFRS, almost three quarters of those executives don't have a dedicated team in place to execute the changes. And with financial departments still lagging behind the curve, it's not surprising how far behind some IT departments are on IFRS.

"In our experience, most Canadian companies' IT departments have low to nonexistent knowledge of IFRS standards," said Karen Higgins, partner and national director of accounting services at Toronto-based consultancy Deloitte. "Since conversion projects of this type are generally led by the finance department, one key success factor in the planning process is to ensure IT's involvement and input from day one."

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The Question: Does your company has a good IT system for IFRS reporting ?


Santosh Puthran

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