Laws and regulations about International Financial Reporting Standards (IFRS) are often subject to change. New standards are introduced regularly. For example, IFRS 15 (‘revenue from contracts with customers’) is mandatory from 1 January 2018 and IFRS 16 (‘lease accounting’) is planned for January 2019. These new regulations often not only have a lot of accounting impact for companies, but also many organizational consequences. Within Finext we have the right expertise to facilitate organizations in the implementation of changing laws and regulations according to IFRS.
This is how we approach IFRS
At Finext we work with a team of experienced finance and IT professionals who each contribute from their discipline to a well-oiled project approach. For example, drawing up a project plan, analyzing the organization, and the relationship between the different departments on which the change will impact, and selecting and implementing the right tools. We draw up a project plan with the impact on the organization and the timelines. What impact does it have on solvency, profitability, and the various ratios? We tackle the project together with internal resources as much as possible. As a result, the knowledge within the organization is immediately secured.
Where does the organization stand with the subject? What are the requirements for the organization? Who are the stakeholders and what are their wishes? Is the required information complete and correct? How mature are the underlying systems that must facilitate the provision of information for the IFRS drivers?
Tool selection and implementation
You need the right tools for complex IFRS calculations. Within Finext we have a lot of knowledge of different solutions on the market. In addition, we can help you draft an RFI / RFP and retrieve and draw up the requirements in the organization. Also, we take care of the implementation from start to finish and we can also take over management.
Chain thinking (or chain approach)
To make an IFRS implementation a success, it is necessary to involve the entire chain in the process. Anyone who has an impact on the drivers of the IFRS calculations must be aware of his or her impact. To ensure that non-financials are also involved, it is important to regularly provide workshops and training throughout the entire chain. The retrieval and collection of the correct data/drivers are recognized by all involved. Ultimately, the chosen solution must be easy to maintain with the necessary change and incident management.
Do you want more information about our IFRS16 approach? Have a look on our IFRS 16 page.
Our IFRS events
We regularly organize knowledge events, webinars and round tables about IFRS and tool sets. Look below for short reports, webinars or the agenda of these events:
Manage IFRS16 with Anaplan – webinar
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