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Managing Transition to International Financial Reporting Standards

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Executive Summary

Inevitably, corporate financial reporting will be in a state of flux for the foreseeable future. The IASB has ambitious plans to facilitate the convergence of local and country standards with IFRS. Unexpected issues are certain to arise during this worldwide implementation, and unforeseen circumstances will require that the standards be adjusted and refined.

Companies face many challenges when implementing IFRS-compliant reporting. Discrepancies among reports based on different standards must be accounted for and explained, reporting must satisfy multiple sets of local and country GAAP, and statutory reporting must remain consistent with accurate management reporting.

This white paper identifies the many challenges companies face when implementing International Financial Reporting Standards (IFRS) in corporate reporting and explores tightly integrated solutions that together centrally manage data and metadata on a unified platform--the first step in implementing a complete performance management solution.

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