25.06.2010
I attended a seminar on International Financial Reporting Standards (IFRS) organized by the Confederation of India Industries (CII). The knowledge partner was the Big Four firm Ernst & Young. One of the speakers from industry shared a lot of practical tips about implementing IFRS in Indian companies.
Exploring benefits of IFRS Implementation
1. Leverage existing projects.
(Eg. IFRS and ERP combined)
2. Conduct a Trial Run by piloting it in a single unit.
3. Consider shared service centres.
4. Strengthen controls, especially in decentralized operations
5. Revisit ALL your Accounting Policies - More accurate and timely reporting
6. Improve your access to Global sources of Finance
He identifies the following barriers to effective implementation of IFRS.
· The resources and time required are grossly underestimated
· Don’t outsource IFRS implementation which is a heavy, unsustainable use of resources
· Lack of Holistic Approach
· Late stat results in escalation of costs
· Did not achieve “business as usual” state for IFRS report
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