Implementing IFRS is a structured, multi-phase process that ensures global alignment and enhances disclosure quality.
1. Assessment & Planning
Start by setting clear objectives, forming a dedicated project team, and conducting a thorough impact assessment. Evaluate the effects on accounting policies, IT systems, business processes, and internal controls. Develop a realistic roadmap.
2. Design & Solution Development
Bridge gaps by revising accounting policies and harmonizing them across group entities. Adapt systems, update financial reporting templates, and prepare disclosure frameworks that align with IFRS’s emphasis on transparency.
3. Testing & Training
Run trial balances, opening balance sheets, and draft IFRS financial statements. Identify and rectify issues emerging from new disclosure requirements before full implementation. Simultaneously, train finance teams and key stakeholders on both technical standards and disclosure practices.
4. Go-Live & Transition
Transition to live reporting under IFRS, issue comparable financial statements, and provide reconciliations from previous GAAP where applicable (e.g. under IFRS 1). Ensure consistent disclosure of accounting choices, and compliance with comparability and transparency objectives.
5. Post-Implementation & Continuous Compliance
Monitor operational effectiveness, refine processes, update training, and assess nternal control efficiency.
