Regardless of size or geographical domain virtually all businesses face a period of regulatory change, complicated by local company law, domestic standards and timelines for implementing standards. However, with appropriate financial systems that offer flexibility in underlying coding structures, dimensions and reporting, the whole transition from local GAAP to IFRS can be considerably less daunting.

This paper takes a look at the issues and difficulties in switching from local GAAP to IFRS and investigates how using Agresso ERP can significantly reduce the hassles and headaches that are involved with switching to IFRS.