IFRS Implementation

International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of

Ten key actions for implementation IFRS

• Understand IFRS 17 requirements
• Perform Gap Analysis (Assessment tool that measures the difference between the current result and the expected result)
• Conduct impact assessments around architecture, data, systems and processes
• Conduct business and technology briefing sessions
• Report findings and implementation approach to Board, executive team and key stakeholders
• Discuss findings with external auditor and regulators
• Seek approval for next Design phase
• Mobilize project resources and key internal and external stakeholders
• Provide core team training
• Develop implementation roadmap and budget