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."

Read Full Article on The Standard

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

Regards,

Santosh Puthran
AICWA

Amazon.co.uk Widgets

Do you like to be updated in Accountancy ?

Subscribe to Management Accountant by Email

Or

Subscribe in a reader

Are you looking for something ? You will find it in MA Stores

US Stores
UK Stores
Digital Stores, US

You may also like to read

Comments

Learning Curve Theory

Learning Curve Theory is concerned with the idea that when a new job, process or activity commences for the first time it is likely that the workforce involved will not achieve maximum efficiency immediately. Repetition of the task is likely to make the people more confident and knowledgeable and will eventually result in a more efficient and rapid operation. Eventually the learning process will stop after continually repeating the job. As a consequence the time to complete a task will initially decline and then stabilise once efficient working is achieved. The cumulative average time per unit is assumed to decrease by a constant percentage every time that output doubles. Cumulative average time refers to the average time per unit for all units produced so far, from and including the first one made. Major areas within management accounting where learning curve theory is likely to have consequences and suggest potential limitations of this theory. Areas of consequence: A Standard

Poll : Does CIMA, UK qualification add value

Poll : Does pursuing CIMA, UK qualification add value to a member of ICWAI, India ? Vote on the poll and share your thoughts by commenting the blog. Poll: Vote here I feel that if you are a member of ICWAI and you pursue CIMA, UK qualification, you are not adding any value to your skills since you will be learning the same. Once you are qualified, you are still a Cost & Management Accountant but from UK. For an employer, I would still have same skills and training on Management Accounting. However if you pursue qualification like Company Secretary or CPA or ACCA , your skills are enhanced with the knowledge gained during training and passing of exams. After qualification, you are bound to follow the CPD programs of ICWAI and other institute. In competitive world, employer look for people with multiple skills. Which one promotes you as professional better against your name: AICWA, ACMA or AICWA, ACS or AICWA, CPA or AICWA, ACCA Amazon.co.uk Widgets Regards, Santosh

Resistence to Change - Approaches of Kotter and Schlesinger

The Six (6) Change Approaches of Kotter and Schlesinger is a model to prevent, decrease or minimize resistance to change in organizations. According to Kotter and Schlesinger (1979), there are four reasons that certain people are resisting change : Parochial self-interest (some people are concerned with the implication of the change for themselves ad how it may effect their own interests, rather than considering the effects for the success of the business) Misunderstanding (communication problems; inadequate information) Low tolerance to change (certain people are very keen on security and stability in their work) Different assessments of the situation (some employees may disagree on the reasons for the change and on the advantages and disadvantages of the change process) Kotter and Schlesinger set out the following six (6) change approaches to deal with this resistance to cha

Management Accountant Blog

Search This Blog