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IFRSTRACK handles the project planning, analysis, management and dual reporting requirements for an IFRS conversion project through a phased approach to project management. As a web-based application, users would only need an Internet connection and a web browser to access the system.

Log in: IFRSTRACK uses a single-sign-on system, which enables multiple individuals to access data from IFRSTRACK simultaneously and in real-time. The data being accessed will depend on the user role, which could be an administrator, an auditor, or an employee. In addition, IFRSTRACK keeps track of the complete access logs for different roles, and provides extensive security features for user authorization and authentication.

Security: IFRSTRACK's network connectivity is encrypted using 128-bit data encryption, and there is a firewall existing between the production environment and the public domain. Access to data and application is restricted based on user roles, and audit trails are enabled for the different roles. In addition, all IFRSTRACK staff has signed the non-disclosure agreement and the privacy agreement.

Backup and Recovery: The IFRSTRACK application is backed-up on a daily basis, and a comprehensive backup strategy is in place to protect client data against computer equipment failures. Moreover, the backup media is stored in an off-site location.

Implementation: Users of IFRSTRACK will go through on-line training sessions with our designated trainers to get started. IFRSTRACK staff will take the responsibility of loading client’s existing data into the system if there is any, and will set-up as many user accounts as the client may need.

Support: : IFRSTRACK has a highly professional support team dedicated to the queries and needs of our clients. The support phone number and email address are published on our website, and there is a hunt group established on the phone system to provide 24 by 7 support. To view the support team profiles, please click here .

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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.

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The Phase II section of IFRSTRACK focuses on creating accounting policies under IFRS, and comparing the existing GAAP policy to new IFRS policies.

Industry-Specific Database of IFRS Accounting Policy Samples: IFRSTRACK provides companies with a master list of industry-specific accounting policy samples under IFRS. Users can choose to download and customize the relevant IFRS accounting policy samples into their own company database.

Comparison Analysis between GAAP and IFRS Accounting Policies: IFRSTRACK team takes care of the upload of companies current GAAP accounting policies for clients. And IFRSTRACK allows the mapping between existing and new IFRS policy in a parallel screen for comparison and analysis purposes.

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The Phase III section of IFRSTRACK provides users the sample IFRS G/L accounts and note disclosures to the financial statements.

Industry-Specific Note disclosures for all G/L accounts: IFRSTRACK provides companies with a master list of industry-specific sample notes to financial statements under IFRS. Users can choose to download and customize the relevant IFRS note disclosures into their own company database.

IFRS Reconciliation Statements and Reporting: IFRSTRACK allows companies to enter the GAAP beginning balances and the IFRS conversion adjustment for different accounts under Balance Sheet and Income Statement. This information can be reflected in a report format for dual reporting purposes.