Beginning in 2011 all Canadian publically traded organizations will be required to file their financial statements using International Financial Reporting Standards (IFRS) as opposed to the current Canadian GAAP standards. Over 100 countries to date have adopted IFRS with many more considering this.
The implementation of International Financial Reporting Standards (IFRS) will be a significant undertaking for most Canadian organizations with implications beyond the "numbers" themselves. The past experiences of those that have been through this transition process provided invaluable lessons for others to benefit from. A common theme among those that shared their experiences was the need to manage the assessment and implementation of adopting IFRS as an enterprise wide initiative leveraging best of breed Project Management practices. The adoption of the appropriate process and standards enabled organizations to effectively communicate and manage what became for many a major change management initiative.
For over a decade Thomas Technology Partners has been working with leading Canadian financial institutions, retailers and others in managing and supporting their strategic and tactical projects. Our unique ability to adapt to the specific needs of our clients to ensure that projects are completed on time and within budget has contributed to our ongoing success and growth. We have hundreds of professionals all of whom have been referred to us through our unique "Trusted Source Process". This enables us to leverage a diverse group of experienced individuals for our client's projects.
In recognition of the various requirements Canadian organizations face in their IFRS transition we have developed, in consultation with various clients and subject matter experts, a Project Management process specific to IFRS to support senior decision makers in managing this transition in a cost-effective and timely manner. The team of experienced Project Managers, Business Analysts and Subject Matter experts we have gathered within our IFRS Practice will be solely focused on supporting IFRS initiatives and will bring the appropriate skills and IFRS training to our current and future clients.
The financial impacts and management implications of an IFRS implementation present significant issues for both the Board of Directors and Senior Management to address. Finance will need to make numerous decisions at various levels of detail with respect to the adoption of IFRS and how it will impact external and internal reporting requirements. IT Departments will need to assess how this will come together from a systems perspective. HR-will have compensation and retraining issues. Couple this with the need to communicate effectively with both internal and external stakeholders be they the Board of Directors, Investment Analysts etc .one can see how this could easily "go off track".
The TTP IFRS Project Management Group is committed to supporting those organizations that understand the need to manage this as a strategic project. By working together with our clients we will bring not only the tools but also project management experience to guide your organization through this significant event. If you are interested in learning more about how we may be able to assist you with your IFRS transition please contact us.