Accounting Topic IFRS – Application Challenge
We have been getting a lot of requests for IFRS in our fixed asset management solution. Our response is plain and simple, no, not yet. We say, not yet because…. well, even congress can’t decide how business should report, the formatting of the report(s) and other various obstacles prior to June of next year .
Daily we receive emails and other content discussions on the IFRS issues and until everyone stops being “overambitious” and IASB and FASB can get along and come to an agreement, how can anyone develop and deploy any software that is “complaint with IFRS”. Heck, no one really knows what that is.
So… in the meantime, if you are among the lucky who need to prepare themselves for IFRS, here are some tips to get you half way there – or at least part of the way:
- Separate your “bulked” fixed assets into individual components / line items.
- Revise your mapping of useful lives to asset codes.
- Improve your fixed asset tagging system (or implement one) to accommodate impairments and impairment reversals.
Just these three suggestions can get you prepared for IFRS and on the right track for, whatever the accounting world decides.
Latest article Angie found interesting: Convergence talks accused of over-ambitious targets