Milwaukee-based Jefferson Wells, professional services provider in the areas of internal audit and controls, technology risk management, tax, and finance and accounting, has developed an online calculator that will help companies evaluate their International Financial Reporting Standards (IFRS) readiness and determine next steps and best practices.
The interactive calculator is available at www.jeffersonwells.com/IFRS. It provides organizations with 18 questions that will spur discussions and help determine their readiness to transition to IFRS. The answers help to establish when a company should start transition efforts, identify potential improvement opportunities that would strengthen current operations and lay a stronger foundation for the eventual adoption of IFRS.
Jefferson Wells developed the calculator based on five major organizational categories so companies can gain a better understanding of where they stand in the transition process: strategic priorities, the company's specific industry, the efficiency of current processes, the maturity of finance technologies and the capabilities of key resources. Depending on how an organization answers questions in each category, a company may be considered either very well-positioned to adopt IFRS, somewhat ready to adopt IFRS or not at all ready to adopt IFRS.
After using the calculator to answer the initial questions regarding an organization's level of readiness, Jefferson Wells recommends that companies begin with a series of assessments to determine the impact to financial statements, current policies and procedures, related internal controls, technology capabilities and strategic transactions being considered. Based on those assessment results, companies can lay out a plan to train staff, develop and implement global policies, procedures and processes, streamline tax planning and strategy, enhance systems capabilities, and develop communication and change management plans before making a final transition to IFRS.
Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio