IFRS Readiness Assessment

Do you know the timeline when your organization is required to comply with IFRS?

Do you have multiple companies, locations, and/or legal entities?

Do any of your subsidiaries already comply with IFRS in other countries?

Have you formulated a project team to address IFRS transition for your organization, encompassing all affected functional areas (Tax, Treasury, FP&A, Financial Consolidation, Purchasing, IT)?

Do you have internal resources with IFRS experience?

Is there an internal communication plan in place to update key stakeholders (ie analysts, board) and help them understand the impact of IFRS on your key financial indicators?

Do you have more than one General Ledger to consolidate?

Have you completed or planned a diagnostic report or assessment of your current systems?

Do you know the key areas of your organization impacted by IFRS (ie Inventory, capital assets, Segment reporting, valuations, etc.)?

Have you determined the method of parallel tracking GAAP and IFRS for the transition year (fiscal 2010 for Canadian companies)?

Have you identified the tool to reconcile financial results between GAAP and IFRS?

Do you use a CPM software application (not Excel) to do your Monthly Consolidated Reporting?