Already converted to IFRS?

While most companies managed to navigate all of the technical and practical challenges required in implementing IFRS for the first time, the experience has not been without difficulties.

With something of a sigh of relief, industry now has the opportunity to step back and examine the experience. Companies must now openly and honestly assess which parts of the project worked, which didn't work and which processes must now be put in place to improve accuracy and efficiency for the future.

Specific considerations include updates to the management accounting process, systems enhancements and the development of skilled people across all areas of the business. There are also questions to consider around the application of IFRS at subsidiary level, the implications for the company's tax position and its distributable reserves.

For companies seeking to ease IFRS reporting, avoid repeating previous errors, and replicate the things they did right, now is an ideal time to take a step back and review the full extent of embedding IFRS within the business.