Checklist - managing the project

Project set-up and management – how are you managing and governing your project?

• Steering group – oversight and operational control
• Project manager – needs IFRS expertise plus broader commercial understanding
• Cross-business involvement from all affected functions to ensure you work together to meet deadlines

Project governance – are the Board and Audit Committee fully committed, involved and knowledgeable about the implications of conversion?

• Senior management – awareness of options, strategic decision-making
• Audit Committee – reporting structures and timings
• Internal audit – role in risk-management, involvement from the outset

Impact of EU and company law – how will legal developments affect your IFRS project?

• Disclosures required within the operating and financial
  review – impact on your business and its perception within the marketplace
• Additional audit obligations
• Consistency of the annual report with the audited accounts

Resource levels and training – do you have the right people with the right skills to complete the transition and embed changes in your company?

• Your people – number required, skill levels, other commitments
• Training – strategy, functional areas, delivery, support tools
• Recruitment and retention – implications for remuneration structures and career plans

Project progress – when and how will you involve your business units to ensure local ownership of the IFRS numbers?

• Business unit commitment – essential to success of transition, how to secure it
• Communications – on required data and project plan
• Changing business unit processes and procedures – most IFRS information is generated at a business unit level