Yes, your company still has a couple of years before it has to adopt International Financial Reporting Standards. But here’s one thing you don’t want to wait too long for:

Figuring out how the switch will impact all the technology Finance uses in its reporting.

Most companies are underestimating the hit they’ll take, says a new report from Deloitte Consulting.

Long before 2011 arrives, you’ll want to be confident you tackled these items:

1. Upstream systems (transactional systems, product-specific systems and all interfaces that post financial info.)
2. General ledger (chart of accounts, as well as all policies and procedures that go with it.)
3. Data storage systems (any electronic methods your company uses to store data that’s needed for your reporting.)
4. Downstream reporting (info throughout and outside your company that would be required for IFRS.)
5. Infrastructure (you may need additional transaction detail — can your systems handle it?)

Tags: infrastructure, ledger, reporting, storage, systems, technology