IFRS & Finance Standards
IFRS (International Financial Reporting Standards) or IAS (International Accounting Standards) – as they have been called until recently – are receiving an increasing amount of attention. However, research by CODA has shown that, despite growing awareness of impending deadlines for adopting the new International Financial Reporting Standards (IFRS), most companies are not yet ready and an alarming number have not even begun to plan.
The urgency stems from the fact that, as well as being a major change programme, conversion to IFRS involves having comparative figures for the period before the one actually being reported. For a company’s financial statements to comply with IFRS for the 2005 period, it needs an IFRS balance sheet for the 2003 year-end at the latest. Some stock exchanges may actually require two years of comparatives, which means using 2002 as the IFRS opening position.
To produce these comparative figures, many companies will need to use two charts of accounts – increasing work through manual consolidation. CODA's Financials solution is one of the few products that allow companies to produce these figures through a single chart of accounts.
Here is a selection of topical papers covering the issues and recent developments in the field of IFRS and other finance standards.
Downloads
- White papers - CODA has developed a selection of white papers focusing on topics of interest to finance departments now and in the future. Each paper has been written by an expert in that field, providing vital information and practical advice to help finance professionals tackle the issues.
Useful links
- www.IASB.org - The home page of the International Accounting Standards Board.
- “Financial Reporting Goes Global” - an article published on the website for the American Institute of Certified Public Accountants (AICPA), summarizing how IFRS already has significant implications for US companies, which will steadily increase in the coming years.

