Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.
The interactive calculator includes 18 questions that organizations can answer to establish how well positioned they are for the transition from U.S. generally accepted accounting principles. The Securities and Exchange Commission has proposed a roadmap that would require public companies to move from U.S. GAAP to IFRS in the next few years.
Questions in the online calculator address matters such as whether the company has incorporated IFRS into its tax-planning models and strategic transaction models, and if it is monitoring its industry competitors to see if they are preparing financial statements based on IFRS.
The answers can help identify potential improvement opportunities that would strengthen current operations and lay a stronger foundation for the eventual adoption of IFRS.
"The calculator is a great tool to get the IFRS conversation started, and coupled with an impact assessment, is the best way to determine when and where to start the transition to IFRS," said Rebecca Albarelli, global practice leader of the finance operations practice for Jefferson Wells.
Depending on how an organization answers questions in each category, a company may be considered either very well-positioned to adopt IFRS, somewhat ready to adopt IFRS or not at all ready to adopt IFRS.
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