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New standard implementation (any advice)

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › New standard implementation (any advice)

  • This topic has 0 replies, 1 voice, and was last updated 6 years ago by l_ACCA.
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  • August 13, 2018 at 3:46 pm #467709
    l_ACCA
    Member
    • Topics: 35
    • Replies: 134
    • ☆☆

    Hi all,
    Does anybody here have an experience of how to create a plan for implementing a new standard (IFRS) a work? I was given a task to implement IFRS16. I read about it and I understand it but I am a doer not a planner. I always like getting straight to work, i.e. start looking though leases, identifying short-term/low value leases etc. Unfortunately my superior had a different idea and asked me to prepare a plan first and that’s where I got stuck. I don’t know where to start. I know I need to put into the plan something like, “familiarise/review guidelines”, “list all leases”, “look through leases’ contracts?”. Something like that? But how to capture everything (or most of the things)? How not to leave any important tasks out? My thoughts are scattered and I don’t know where to start. Creating plans is definitely one of the things which I am yet to learn. So if anybody have any experience, please, share your thoughts with me.
    Thank you in advance.

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