IFRS Conceptual Framework
The adoption of IFRS Standards requires businesses to take a proactive role to achieve compliance. In order to do so, companies in every industry are using Business Process Management (BPM) to implement the change.
A closer look at the advantages of IFRS conceptual framework & IFRS Standards
Know where resources are being used and encourage efficient work and habits by planning well in advance
Printable Process Manuals
Implement Standard Methodologies
Meeting IFRS Compliance Requirements
With backing from the SEC, the International Organization of Securities Commissions, and the International Accounting Standards Board, IFRS will soon be a mandatory requirement for businesses in every country. To date, more than 12,000 companies in over 100 countries have adopted IFRS.
What Is Your Company Doing About IFRS?
New IFRS accounting processes can be modeled using Interfacing’s BPM suite, the Enterprise Process Center®, and can be easily distributed across your enterprise with the click of a button. EPC’s workflow engine can automate the process, reducing the amount of manual labour required by employees. Controls can be implemented and associated with tasks, ensuring that every necessary step is taken in order to comply with IFRS. The Enterprise Process Center’s audit features track any changes to company processes, rules, documents, and controls. Audit plans can be created, automated, and saved for future use, taking the pain out of an audit process.
Overall, the EPC gives every company the ability to effectively manage all of their compliance initiatives from ISO to IFRS. Decreasing operating costs becomes difficult as compliance requirements increase. This, however, does not need to be the case. Use the Enterprise Process Center today to easily and effectively map, implement, and manage your compliance initiatives, reducing the associated risks of non-compliance.
Beyond Financial Reporting
Mapping your processes using the Enterprise Process Center allows you to visualize every company process. The EPC will highlight every possible process component that will be affected by the implementation of IFRS, ensuring a proactive solution to change. Overlooking process areas that are affected by the implementation of IFRS can result in severe penalties and process inefficiency. Reduce this risk and implement an effective, cost reducing IFRS program with the help of the Enterprise Process Center.