QAD Enterprise Applications and IFRS Compliance
With continuing globalization, more companies are adopting International Financial Reporting Standards (IFRS), a single, global set of accounting standards for comparable financial reporting and transparency. Yet, as companies move to IFRS, they’re likely to encounter people, processes and technology challenges. QAD Enterprise Applications can help companies ease this transition.
QAD continually monitors new developments in financial reporting and incorporates these emerging regulations into its enterprise resource planning (ERP) applications. With this IFRS convergence, many companies will continue reporting through dual systems – IFRS and a local GAAP (Generally Accepted Accounting Principles).
QAD Enterprise Financials applications suites, both Enterprise Edition (EE) and Standard Edition (SE) provide the comprehensive controls and capabilities needed to support complex multiple jurisdiction financial reporting and disclosure. With these processes built into the software, manufacturers can focus on their business, not their software.
QAD for IFRS Compliance
A New Dawn for Financial Reporting
In 2005, the European Union led the adoption by requiring all its listed companies to report their financial statements in accordance with IFRS. In 2008, the Securities and Exchange Commission (SEC) issued its roadmap, timeline and key milestones for moving to IFRS. In 2010, U.S. companies began their IFRS transition and will continue through 2014, with mandatory IFRS reporting effective as early 2015. In 2011, companies in Canada and India will begin issuing IFRS-compliant financial statements, while Japan eliminates all major differences between Japanese GAAP and IFRS. Currently, more than 120 nations and reporting jurisdictions permit or require IFRS for domestic-listed companies.
With more companies operating globally and both public and private companies wanting to attract global capital investments, it’s no surprise that IFRS adoption is widely accepted and growing.
To start planning your journey to IFRS, QAD offers a business process assessment called an IFRS Q-Scan. The IFRS Q-Scan will assess your current process, capture business reporting requirements, and map out the steps to implementing IFRS at your company. Contact your account rep today to schedule your IFRS Q-Scan.
Overview of IFRS