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Companies transitioning to IFRS will inevitably find themselves having to capture data and gather additional information in new ways.. They may need to use new accounting definitions and valuations for specific balance sheet and income statement lines, to obtain more comprehensive reporting from overseas operations, to provide more detailed segment reporting, or to comply with wider disclosure obligations. The challenge will be to honor a fundamental tenet of IFRS, which is consistency in definition and in depth of detail. Each reporting entity must report a financial item, such as revenue as recognized in the same way and according to the same definition. If the organization has standardized data definitions for customer, employee, supplier, product, and management organization, then one has a head start.
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