The implementation of IFRS, a principle-based set of standards, is not just about changing accounting policies but need special consideration. For companies, ensuring that IFRS is applied in a globally consistent manner may involve significant efforts around the creation of policies, the modifications of systems, and the training of personnel. With the use of IFRS, companies, auditors, regulators, and users will need to adapt to an accounting and financial reporting framework that requires more judgment and less reliance on detailed rules and bright lines. Companies will be required to understand base principles and objectives, how judgments are made, and how they are applied.

By leveraging our previous lessons learned and the experience we have of implementing IFRS globally, we developed an IFRS implementation methodology which is well structured to address the broad implications of IFRS.