IFRS
Over the last few years, the world of financial reporting has completely changed.
The impact of the mandatory introduction of international financial reporting standards (IFRS) across Europe – and their voluntary introduction across the financial reporting regimes of many other countries around the world – has become one of the biggest challenges facing companies today.
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Is your financial system ready for IFRS?
Experience of IFRS in Europe shows that many companies overlook the time needed to implement IFRS. Early planning is essential to ensuring that changes are effective and that systems do not have to be constantly re-implemented or fixed with band-aid solutions. For instance, one aspect of the move to IFRS that is often ignored, as deadlines loom, is that, as well as being a major change program, conversion to IFRS usually involves having comparative figures for the period before the one actually being reported. To produce these comparative figures, companies using inflexible accounting systems will need to use two charts of accounts – increasing work through manual consolidation. Our CODA Financials solution is one of the few products that allows companies to produce these figures through a single chart of accounts.
CODA Financials – IFRS-ready financial software
CODA Financials is particularly accommodating to IFRS changes because of its: unified ledger structure; analysis capability; native reporting; and Link™ architecture, which allows it to leverage external systems as needed. Unlike traditional ERP systems, changes made in the CODA Financials database are automatically reflected in other systems, saving time, cost and the necessity to call in specialized IT resource. You can read more about why CODA Financials is so good at “Accounting for Change”.
IFRS and CODA Financials whitepaper
To learn more about migrating from U.S. GAAP to IFRS and how CODA Financials accommodates IFRS, download this informative whitepaper: The challenges facing companies migrating from U.S. GAAP to IFRS