Most financial services companies impacted by IFRS have now issued IFRS financial statements and, overall, the message is that the implementation of IFRS was a success.

No, there is still more to do...

However, there is still much to do.  At Deloitte, we have the expertise to help you navigate the way forward.  For example, you should be considering:

Embedding IFRS in the business

Any IFRS related systems workarounds should be embedded into a more stable internal control environment, for example hedging, EIR and loan impairment solutions, particularly if you are impacted by Sarbanes-Oxley.

You should also be reviewing assumptions and judgements made in developing your initial IFRS solutions, incorporating developments in IFRS interpretation and for changes to your business and the overall economic environment.

Contact us for assistance with an IFRS post-implementation review of workaround and systems, or for advise on developments in interpretation or updating your assumptions or judgements.

Implementation of new standards

Although there will now not be any new standards issued for adoption before 2009, there are still new and amendments to existing standards to be adopted before then, including IFRS 7 which enhances the requirements in relation to risk disclosures. 

Find out more about transition to IFRS 7.

Keep up to date with and influencing current IASB projects

The IASB’s current agenda include a number of projects that will impact financial services companies, including Insurance Contracts phase II, Business Combinations phase II and Consolidation.

You can influence the outcome by offering a commercial perspective on the technical debates.  Details of all current IASB projects can be found at our specialist site IASPlus.com.

Interaction with Basel II and other capital regimes

Basel II has strong links with both the IAS 39 loan impairment and IFRS 7 disclosure requirements and you should look to exploit the interdependencies between these regimes.

Contact us to understand how to integrate your approach by understanding areas of commonality, allowing you to most efficiently comply with these requirements and enhance the quality and consistency of your financial and risk reporting.