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
Implement service orchestration to design more flexible communications networks that mirror the efficency of your business process management
Integrate your people, processes, and technology by taking advantage of our workflow engine to deliver work to where it’s needed, and keep all employees up to date with the most important priorities
Printable Process Manuals
Ability to generate a complete output of your processes and all of the related information that is ready for print. A collaborative tool that allows your agents to share information more widely
Implement Standard Methodologies
Avoid the needed for continual trial and error in improving your client’s operational efficiency; get a head start by taking advantage of industry standards
Our process methodology and support for business rules and risk/control management allows effective process design that has all the appropriate checks and balances
By uniting goals and creating a common framework for your clients, they will be able to cooperate at a previously unattained level.
Business process management will expose unused resources and allow you to take better advantage of them along the length of the process
Meeting IFRS Compliance Requirements
The International Financial Reporting Standards (IFRS) are a core set of accounting standards that are being adopted by countries around the world. The globalization of business and finance has created the need for a common set of accounting standards to be used by all countries as a way to increase the efficiency of cross-border transaction handling and accountability. The need to implement IFRS has highlighted the utility of BPM technology as the increasing number of compliance initiatives poses numerous challenges for companies of all sizes. The high cost of non-compliance is a risk that companies cannot afford to take. With BPM technology, compliance initiatives become ingrained in every company process, leaving no room for error.
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
Although only a financial reporting standard, IFRS will surely affect every aspect of your company. As stated by the American Institute of Certified Public Accountants, “[IFRS]… will have an impact far beyond just financial reports. It will affect almost every aspect of a […] company’s operations, everything from its information technology systems, to its tax reporting requirements, to the way it tracks stock-based compensation.”
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.