Areas to consider - project planning

Project set-up and management

Key issues to address
Conversion to IFRS is a challenge for all companies and affects all areas of your business.

The process should be viewed as a significant change project. The effective use of appropriate tools and expertise will ensure its success.

How can we help?
Hundreds of businesses have successfully managed their conversion projects using PwC’s TransitionIFRS methodology.

We can support either your entire conversion project or individual elements of it. And you’ll find TransitionIFRS is flexible enough to drive, or be driven, by your internal project.

Managing risk

Key issues to address
The implementation of IFRS will create a number of challenges for companies in managing risk.

The technical complexity and volume of changes will require suitably trained staff with a strong technical understanding and who are able to articulate the impact that IFRS will have on different areas of your business and its operations.

Systems and process risk must also be addressed, given the reliance organisations will be placing on new data sources within the current corporate governance environment. From an external point of view, there is increased litigation risk for organisations that don’t comply. In an increasingly intolerant investor market the importance of managing external stakeholder expectations is key.

How can we help?
We work alongside your project teams to identify potential areas of risk and to ensure that the transition process is well managed and all systems and processes are compliant. We also help you communicate effectively with your external stakeholders.

Project governance

Key issues to address
Effective governance procedures are critical. Your board and audit committee will need to take strategic decisions on aspects of the process that affect your performance measures and market expectations.

How can we help?
We have experience in helping audit committees and the wider board understand the full implications of the transition. We advise on the main areas of change and their strategic impact. And we can work with your board to communicate the right messages to the external market.

Resources and training

Key issues to address
Identifying the right skilled resource to manage and implement the project is critical. You also need to create an effective training programme to develop the right skills in your financial and non-financial people.

How can we help?
We provide experienced skilled people to help you manage key issues. Our dedicated IFRS client training team can work with you to define and deliver effective and focused training, on both the technical issues and the wider implications.