IFRS is rapidly gaining acceptance globally, spurring companies throughout the world to assess the potential implications and benefits of adopting these standards. Implementing IFRS can have an impact on almost all aspects of a company, including financial reporting systems, internal controls, taxes, treasury, management compensation, cash management, and legal, among others.

While implementation of high-quality financial reporting standards is challenging, when planned and managed properly, the conversion can bring substantial improvements in the performance of the finance function, streamline the statutory financial reporting process globally, enhance controls, and reduce costs, as it affords:

• Standardized and improved accounting and financial reporting policies
• Heightened efficiency in the use and availability of resources
• Centralized statutory reporting at shared services centers
• Enhanced controls
• Improved cash management

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