The impact of IFRS on your IT systems

Everyone should accept International Financial Reporting Standards, warts and all, as a reality. Adoption is fait accompli. It's only a matter of time. KPMG's timely report on the information systems impact of IFRS is thus a timely read. The technology costs of conversion are likely to be significant, the reports finds. It also notes that a shortage of IT professionals with "the ability to interpret and translate the IFRS requirements into IT changes and solve the technical issues involved in the conversion" will be a problem for many. It is time to gear up. Costs will likely rise across the board, from system modifications, support, additional resources, training and so on. Auditors will need to be factored in. In addition, Sarbanes-Oxley controls cannot be blindly assumed to still apply. Some may need some tweaking. Tax reporting systems will have to be thought through.

For more:
- here's an article in accountingweb.com

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