1 If you are not well into the project by now, get moving and fast! And if your company doesn’t have a December year end, don’t be complacent as time is running out for all companies

Link: Access IFRS - PwC's IFRS resource centre

2 Accept that your reporting will be different and acknowledge the need for change ­ auditors cannot fix this as part of their annual audit work so you will need to take responsibility for the changes

3 Consider all the implications and ensure that you have a strong message to communicate ­ your investor relations team and directors must be able to talk stakeholders through your IFRS strategy and the impact of conversion

4 For those companies that have not already presented interim reports, determine your interim reporting strategy and the options available to report

5 Involve your business units early ­ many of the detailed differences may only become apparent when business units are engaged, but these differences can be significant

6 Seek specialist help in complex areas such as treasury and share options, particularly if you are short of time ­you cannot do it all yourself

7 Wherever your conversion requires detailed analysis of transactions such as lease contracts or the search for embedded derivatives, ensure your analysis has been thorough, establish an appropriate review process and make sure the people doing the work understand what they are looking for

8 Don’t overlook deferred tax ­ it is a complex area requiring a thorough review

9 Plan your results presentation format - the way you present your first results under IFRS will influence how your IFRS conversion project is perceived

10 Develop a strategy for moving forwards. Only just getting it right is not sustainable - IFRS will need to be embedded into your systems and processes

For the latest news and analysis on IFRS, updated every week, register for Access IFRS – PwC’s IFRS resource centre