IAS/IFRS: from strategic design to process understanding and redefining

With the entering into force of the IAS/IFRS principles, all listed companies are expected to adjust their the corporate executive structure, processes and informative systems to retreive the accounting data needed to complile consolidated account.

The "international accounting principles" are the International Accounting Standards (IAS), the International Financial Reporting Standards (IFRS) and their relevant Interpretations (SIC/IFRIC interpretations), the subsequent amendments to these principles and their relevant interpretations, issued or adopted in the future by the International Accounting Standards Board (IASB).

For December 2005 accounting periods and thereafter, all European Union listed companies must prepare consolidated accounts under international accounting principles IAS (or IFRS) and their relevant interpretations. International accounting principles aim to increase comparability and transparency of consolidated accounts inside UE.

The main change will concern the informative function of consolidated accounts, that shift from static tools to dynamic ones pointing at a perspective corporate assessment.

The evolution underway with regard to accounting regulations will result in the need for the companies concerned to acquire the necessary knowledge for the correct application of these standards with profound changes in the company accounting and informative systems that provide the necessary data for the preparation of the financial statements.

The solution Reply Consulting, the Reply Group’s company specialized in process consulting for Extended Enterprise, focuses on is based on MySAP and allows to modify and change both processes and informative systems in accordance with the international accounting standards issued by the IASB.