While IFRS (International Financial Reporting Standards) adoption in the United States continues to move forward at a very slow pace, it does continue to move forward.Many corporations have already begun to prepare for the move towards conversion to the IFRS practices – and Resources Global Professionals and the policyIQ team are ready to assist those organizations in their efforts.
Keeping with this month’s theme of team communication we will take a closer look at how an IFRS team can utilize a checklist in policyIQ to track and share project status.A checklist is a great method of communicating what is expected and then ensuring those expectations are met.
How can policyIQ be used to support an IFRS conversion process?
The first phase in any IFRS conversion project is to understand the organization.Regardless of how well you think you know your organization, it is recommended that you start with a full assessment of the organization.This assessment is designed to best understand the working of the company and be able to accurately estimate the scope of the conversion project. The IFRS team at Resources Global has created an Enterprise Assessment Checklist that reviews the various divisions of an organization utilizing policyIQ Form Templates.The Enterprise Checklist is divided into 5 main areas covering all major business areas including management, internal initiatives, business units, functional departments and reporting.Each of these general topics is then divided into sub areas and then each of the sub areas has a set of questions that comprises one Form Template.
Communicate Project Status
Since IFRS conversion projects often consist of a group of people, often geographically dispersed, there is a high need to consistently and continuously communicate. By creating a Public Form Template, Forms can be assigned by a project manager or they can be grabbed and completed by anyone on the team. From an open communication standpoint, everyone on the team can see all the pieces of the checklist when utilizing Public Forms. Also remember that all Form Templates can be utilized as many times as necessary. This is extremely helpful when an organization has many business units, where a Form may need to be submitted by each of the business units in a specific area.
Another way that policyIQ creates open communication is by providing the ability to make Form Responses visible in the Home module. In an IFRS conversion project, any team member can check the Completed Checklist Folder at any time to see answers relevant to what they are working on.This allows the entire team to have visibility into the status of the project. To have completed Form Templates automatically directed into a specific Folder, simply specify that Folder on the Form Template.
Finally, reporting on a checklist offers overall visibility into the status of the project. From reports, the project manager can assess what forms have been assigned, which are in progress and which are completed. Visibility such as this is vital when tackling a large project such as IFRS implementation.
Want to learn more about the IFRS Conversion tool built by Resources Global Professionals?
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