Integrated IFRS technology
IFRS is the accounting framework in use throughout Europe and being adopted increasingly by countries around the world. It is becoming the global standard for the preparation of public company financial statements.
Moving from GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards) requires significant effort and affects not only the numbers, but the systems, processes and data supporting the financial reporting process. Companies need an efficient, IFRS-compliant process for managing their financial statements, including profit-and-loss accounts, balance sheets and cash flow. That’s why many companies turn to IBM solutions to help them ease the transition to IFRS.
Solutions for transitioning to IFRS
IBM Cognos® Financial Statement Reporting (FSR) delivers a disclosure management and financial reporting solution for IFRS conversion that manages the transition from GAAP to IFRS. Cognos FSR uses a calculation engine to determine GAAP to IFRS adjustments, leave a complete audit trail, and store working papers and reference documents – all critical to a successful conversion from GAAP to IFRS.
IBM Cognos Controller is a global consolidation application that provides a flexible solution for IFRS. It supports reconciliation to IFRS and can support multiple reporting standards such as local and multi-GAAP, US GAAP and IFRS at the same time.
Learn why CFOs and the IT organizations that support them need to pay closer attention to XBRL and IFRS and seize the opportunity to improve both internal and external reporting.