Complying with International Financial Reporting Standards (IFRS)

March 2008
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IFRS and US GAAP: Similarities and differences

At a glance

This PwC IFRS publication outlines how to get your company's systems ready to meet financial consolidation and reporting requirements

Getting your systems ready to meet financial consolidation and reporting requirements

One of the critical technology issues facing today's companies is how to best support their financial consolidation and reporting needs in order to achieve IFRS compliance.

The good news is that, with sufficient planning, companies can embed many IFRS requirements into their general ledger and subsystems, thereby removing the need for manual adjustments in their consolidation and reporting system and minimizing compliance risk. This reduces the scope of required updates to the consolidation and reporting system — where the focus should be on adoption of IFRS specific consolidation rules and report layout.

Technology is a key enabler in the transition to IFRS, and the financial consolidation and reporting process in particular. Companies can look at the technology impacts of an IFRS transition in three layers:

  1. Financial consolidation and reporting
  2. General ledger
  3. Subledgers or subsystems

In this white paper — the first in a series of three — we focus on financial consolidation and reporting.