IFRS – A Backgrounder

International Financial Reporting Standards (IFRS) are standards adopted by the International Accounting Standards Board (IASB) that standardize financial reporting and are currently adopted by 12,000 companies in over 100 countries. Not all countries have adopted IFRS, but most are moving in that direction.

When IFRS is mandated companies will need to put a plan in place to migrate from GAAP to IFRS and to reconcile recent financial statements created using GAAP with IFRS. Most companies don't have a secure and auditable platform to perform the IFRS conversion nor do they have the automated processes in place to handle the increased number of disclosures, the increased number of internal control checklists, and the changes to the approval workflows, resulting in a challenging new process fraught with risk.

IFRS Using CLARITY FSR ™

CLARITY FSR delivers a platform for IFRS conversion that manages the transition from GAAP to IFRS. CLARITY FSR delivers a calculation engine to determine GAAP to IFRS adjustments, a complete audit trail, and the ability to store working papers and reference documents, all critical to a successful conversion from GAAP to IFRS. And, by helping to control the increased documentation requirements around disclosures and internal controls checklists, by facilitating the workflow involved in document creation, and by storing documents in a central database, CLARITY FSR ensures that the new IFRS process is under control.