Ref Activities Comments Time
1

Register the annual subscription to IFRSTRACK

    
2

Initial Interview with management

  • CFO to understand the business
  • Comptroller to review the balance sheet and other financial statements
  • Review the accounting policies
  • Interview accountants
  • Interview sales folks
  • Interview treasury and tax personnel

Keep this activity to 1 day. Purpose of the initial interview is to understand how they conduct their business.


The goal is to take the information obtained to customize an IFRS training program and to map out an activity plan to conduct the phase 1 diagnostic activity.

1 day
3

IFRS and IFRStrack Training

  • A half-day training providing an overview of IFRS for the first hour
  • The second part of the training would be company-specific on the impact between Cdn GAAP and IFRS and to run through IFRStrack with the unique standards that impact the company

This will be a customized training approach and the factors to take into consideration are:

  • Type of business
  • Number of divisions
  • Complexity of sales and assets and financial instruments
  • Audience

1 day set-up time


1 day delivery

4

Detail diagnostic

  • This includes analyzing their business in more detail.
  • Start with the balance sheet line by line
  • Review the system used to collect and report the financial information
  • Identify the approach to collect new information
  • Identify the accounting policies that will need changing
  • Identify the options available under IFRS
  • Flag the balance sheet lines that will need changing
  • Identify the industry standard for reporting
  • Identify the contracts that will need to be changed
  • Provide an estimation of time required to design, develop, collect and report the additional information.
  • Define cash-generating units

It would be best to work with the company’s IFRS team leader to obtain the necessary details and to assist in identifying the options and the amount of work required to get at the detail. The devil is in the details.

Estimate 5 days
5

Prepare report

  

Estimate 3 days
6

Present Report and Recommendations to Management

 

Estimate 2 days
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