How does the journey look like?
The IFRS transformation journey does not only occur in accounting policies, but impacts the whole enterprise system.
Prior to the implementation of IFRS, cross-department collaboration is required to ensure sufficient data collection, ERP system, reporting package and consolidation.
Other success factors involve internal capability building such as redefining roles and responsibilities, adopting skill training for employees, reshaping the way businesses operate, contracts and agreements, customer and supplier relationships.
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