Technical Solutions for IFRS Compliance
The recent wave of IFRS legislation has had huge implications for the technology estates of companies affected by new regulation. Achieving IFRS compliance represents the most significant change to accounting requirements in 20 years.
To deliver on the varying IFRS requirements, companies have to generate and process much higher volumes of data. This requires a complete shift in the way information is collected, stored and analysed. IT architectures used within financial services companies in particular are often siloed and rely on legacy tools that are not flexible enough to handle the detailed requirements of the standards. The temptation is to attempt to patch up the existing separate solutions, which may seem like a simple and cost-effective answer but one which will more than likely prove incredibly costly and risky. The siloes make for very manually intensive and error prone data management, trying to trace the reported figures back to the calculation models and assumptions that produced them.
IFRS compliance is difficult to achieve by simply adapting legacy systems. Due to the complexity of the regulatory requirements and the large amount of good quality data that is needed, pursuing minimum compliance at minimal cost will leave organisations highly exposed.
A structured approach to conducting your IFRS technological implementation project will help you overcome the coming challenge and Millennium Consulting is well placed to assist with both design and delivery of new solutions. Working with specialist technologies such as Aptitude, Legerity, Tagetic, Moodys, SAS and Prophet we provide experienced delivery capabilities in these areas. We have a broad understanding of the different IFRS solutions in the market and extensive experience from vendor selection through to implementation and post go-live support.