What Made One of the “Big Four” Advisory Firms Choose
Checkbox to Tackle IFRS?

5 min read

Context

The International Financial Reporting Standards (IFRS) provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. However, the complexity caused by the financial reporting standards mean that many companies struggle to conform without support from tax and advisory specialists. One of the “Big Four” advisory firms engaged Checkbox to co-create a solution using the Checkbox platform that would provide an optimum process to navigate the complexity of IFRS that they could use both internally and deploy as a product for their clients.

ifrs-challenge

Challenge:
Stacked Excel Spreadsheets

The complex challenges of IFRS derive from their length, the difficulty in understanding them, and the cost of applying their requirements.  For an expert to apply the standards correctly involved referencing the standard rules across over 50+ stand-alone excel work documents and other reference material. This was exceptionally time consuming and led to a poor customer facing experience. The dollar cost of engaging specialist tax support was prohibitive to many of the client’s own customers.

Checkbox Solution:
Navigated Application

Using the Checkbox platform, we were able create an online application that navigated the complexity of IFRS, by guiding users through the regulatory process one step at a time. Relevant reference material is presented at the appropriate time.

benefits

Benefits:
Drastic Increase in Simplicity and Efficiency

Checkbox automatically captures the entire process into reports which are not only accurate and complete but require no effort for the user. The IFRS application developed using the Checkbox platform delivers a superior customer experience, productivity benefits as well as a low-cost fee generation.

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