We are currently assessing the impact of converting from our local GAAP to IFRS to prepare for a 2011 conversion. In this first diagnostic step, we hope to capture IFRS issues by account line item, divided into 4 main categories; accounting impact(disclosure and gap), system impact, business impact and people impact. (i.e. what would be the impact to the business on PP&E changes) We’re looking to bring in one of the major audit firms to guide us on this step. From this matrix, we hope to create a detailed project plan to address the major issues.
My question to the group is,
1. Who has begun the IFRS assessment and are you following a similar approach? If not, how did you address the IFRS assessment?
2. How did you organize the data? Would you be willing to share your templates?
3. Are there any lessons learned going through this step you can provide? (3 things you wouldn’t do, 3 things you’d do again)
I appreciate your assistance! I would be happy to share with the group any insights we derive from this process.
Please take a look at the document “20 Questions Directors and Audit Committees Should Ask about IFRS Conversions”: