GAAP to IFRS Conversion Solution
Our GAAP to IFRS Conversion Solution is a fully secure, web-based and industry specific solution that helps to automate the entire process for conversion from GAAP to International Financial Reporting Standard
Users of our GAAP to IFRS Conversion software enjoy the following benefits:
Industry-Specific Template on IFRS Change:
Our solution provides companies with pre-defined industry-specific templates which summarize all IFRS changes to GAAP accounting standards and highlight critical IFRS requirements as opposed to GAAP requirements.
IFRS Reference Text and Implementation Tip:
For each IFRS changes identified within the pre-defined template, our solution provides the specific IAS, IFRS, SIC, or IFRIC reference text, and implementation tips to these references for further explanation, clarification, and simplification of IFRS requirements.
Project Management Features:
Our automated solution has a project management system that allows customization of project steps of the conversion process, assignment of resources, duration, and effort for each project step.
Document Management Features:
Our fully secure software is also a document management system that allows users to keep track of all the working paper documents generated throughout the conversion process and enables users of IFRSTRACK within an organization to review and share each other’s work.
Delegation of Tasks and Monitoring:
We allow task delegation within the organization. Our users can have different types of log-ins depending on the roles they have been assigned in the IFRS project. Also, it contains embedded monitoring schemes for keeping track of performances, completion status and key project milestones.
Integrated Reporting:
Our software has reporting functions that are specifically designed for IFRS conversion. With these reports, users can easily export information out of our system in different formats with different level of details to suit various purposes. Our reports are designed not only for management, but also for Audit Committee, MD&A disclosure, etc.
Industry-Specific Database of IFRS Accounting Policy Samples:
Our industry-specific solution provides companies with a master list of industry-specific accounting policy samples under IFRS. Users can choose to download and customize the relevant IFRS accounting policy samples into their own company database.
Comparison Analysis between GAAP and IFRS Accounting Policies:
Our team takes care of the upload of companies current GAAP accounting policies for clients. And our web-based solution allows the mapping between existing and new IFRS policy in a parallel screen for comparison and analysis purposes.
