The Phase I section of IFRSTRACK is aimed at helping companies to complete a detail analysis on IFRS impact, and quickly establish a project plan to organize the workflow, estimate the effort, and assign tasks and responsibilities.
Industry-Specific Template on IFRS changes: IFRSTRACK provides companies with pre-defined industry-specific templates which summarize all IFRS changes to GAAP accounting standards and highlight critical IFRS requirements as opposed to GAAP requirements.
IFRS Reference Text and Implementation Tip: For each IFRS changes identified within the pre-defined template, IFRSTRACK provide the specific IAS, IFRS, SIC, or IFRIC reference text, and implementation tips to these references for further explanation, clarification, and simplification of IFRS requirements.
Project Management Features: IFRSTRACK system is also a project management system that allows customization of project steps of the conversion process, assignment of resources, duration, and effort for each project step.
Document Management Features: IFRSTRACK system is also a document management system that allows users to keep track of all the working paper documents generated throughout the conversion process and enables users of IFRSTRACK within an organization to review and share each other’s work.
Delegation of Tasks and Monitoring: IFRSTRACK allows task delegation within the organization. Users of IFRSTRACK can have different types of log-ins depending on the roles they have been assigned in the IFRS project. IFRSTRACK also has embedded monitoring schemes for keeping track of performances, completion status and key project milestones.
Integrated Reporting: IFRSTRACK has reporting functions that are specifically designed for IFRS conversion. With these reports, users can easily export information out of IFRSTRACK in different formats with different level of details to suit various purposes. IFRSTRACK reports are designed not only for management, but also for Audit Committee, MD&A disclosure, etc.