IFRS update October 2005 - The state of play
Is your company heading for A&E? Here's our 10-point checklist of the critical areas to address if your conversion project is running behind schedule
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