The overall objective of Phase 4 of the 5 Phase IFRS Project model (Implementation), is to sign off, implement, test and roll out solutions developed in the solution development phase. This would include the following:
• Accounting and Procedures manuals.
• Tax solutions.
• Business solutions.
• New processes.
• IT solutions.
Another objective is to produce the opening Balance Sheet and dry run of general ledger accounts.
The key activities in the implementation phase would involve the following:
Sign off on solutions developed including:
• Auditors and audit committee sign off.
• Implement solutions for Accounting manuals roll out and education.
• IT implementation.
• Process changes.
Test solutions based on test design:
• Finalization system testing.
• User acceptance testing (end to end test).
• Dry run exercises.
• Confirm (accounting) choices.
• Roll out solutions.
The final activity in the implementation phase is to prepare the opening balance sheet.
I hope this helps. This is one of a series of blogs that is meant to convey information relating to Canada’s transition from Canadian GAAP to IFRS.
For further information, please refer to the ongoing series of IFRS blogs on the Edelkoort Smethurst Schein CPA’s LLP web-site and please remember to contact your accounting professional for further guidance.