As the deadline for IFRS adoption gets closer and IFRS projects gather momentum in the industry, here are some of my thoughts...
I had the privilege of co-speaking at an IFRS webinar hosted by the Chartered Accountants of Canada (CICA) along with Nigel Lee, CCO at Financial Architects (Finarch), a Microsoft Gold Certified Partner that offers cutting edge enterprise-wide, integrated Finance & Risk Management software solutions for financial institutions.
Finarch’s Nigel Lee spoke very eloquently about the practical tips and experiences from their global projects in this area with leading names.
Specially interesting was their seven step approach to IFRS. You can learn more about this on the Finarch website. Click here to go there now:
My IFRS takeaways were:
• The Financial Resource Planning (FRP) concept that Finarch is pioneering in the CFO/CRO world. IFRS will change the way the books and records are built• The need to go back to the transaction details • The complexity in Asset classifications, valuations and Accounting treatment • The need to work with a firm that combines elements of Finance, Accounting, Risk and Regulatory reporting for a successful IFRS adoption
Below are what I believe are the five emerging trends in future state CFO /CRO office around financial and regulatory reporting:
1. Increasing convergence of financial reporting, risk management and rerformance management
2. Collaborative Finance Workspace – More structured and one stop finance day to day activities
3. Business need for a dynamic Sub Ledger layer on top of legacy GL with Chart of Accounts to be able to drill down on business insights
4. XBRL based interactive regulatory filing (both internal and external across the value chain)
5. End User Productivity – Efficient end user self service will be a key element of future state reporting.
More on this in my future blogs. Cheers for now !