Changes in filing requirements and accounting standards will drive conversion to

Question

Changes in filing requirements and accounting standards will drive conversion to international financial reporting standards (IFRS) in an organization, but the process of conversion will impact general business information technology systems, according to an analysis published by KPMG, Every system within an organization that uses financial information will be affected by conversion to IFRS, according to the KPMG report." (Accounting Web, 2008).

Read The Effect of IFRS on Information Systems.

1) Select a point or two presented in the report and comment. To support your comments, bring in other articles, readings, or real-life experiences. Are there any ERP/IS companies out there addressing the upcoming change

Explanation / Answer

1) IT personnel issues, IT conversion cost, IT Training cost in the form of reconfiguration and maintenance of new system, Vendor maintenance and ongoing support, Employment of additional resources, Project managment and implementing both short-term solutions to achieve tighter deadlines and a more robust long term solution's at a later stage to address the problem.

IT personnel specifically for the reason that IT proffessional's are not available who can identify the problems as presented by the IFRS and convert the IT system accordingly as per the requirement of IFRS as well as the IT or ERP.

This point as presented above will lead to more cost and more spending of the organization towards them as well a s more staff currently employed to be trained in it and reconfiguring your current system with the said system which can be seen as updation cost and other associated cost as well such as vendor maintenance cost e.t.c.

Mathew kinver director of kalgry says that movement towards IFRS can key process and systems in treasury, payroll, general ledger, financial instruments and asset managment.

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