Once Step 1 and Step 2 have been completed, you will have a solid grasp and understanding of WHAT will be needing to be addressed, so the next step involves planning HOW this will be executed (keeping in mind the possibility that additional areas may reveal themselves and float to the surface as the project progress and more rocks are kicked over).
Depending on the size of the entity and/or nature and extent of the differences identified, it may be prudent for an entity to formally establish a Project Steering Committee (PSC) to manage and direct the project. Members of a PSC include Senior Management of relevant business areas that will be impacted by the adoption of NZ IFRS (not limited solely to Finance departments, but can include Operations, Legal, Treasury etc.), as well as external IFRS experts.
As with any project, there will be elements that can occur concurrently, and others that are dependent on elements “upstream” having to be completed before hand (think GANTT charts and alike).
Planning for these at the outset, and assigning clear roles, responsibilities, and timelines ensures that there is sufficient oversight and expectation of what needs to be achieved, by when, and in what order – which then mitigates for any “ambulance at the bottom of the cliff” scenario that might arise as deadlines loom.
For entities that are not familiar with Project Management in general, or with projects related to NZ IFRS analysis and application, this step can feel a bit daunting (that you, may be wandering around in dark, in that you don’t know what you don’t know). In which case, reaching out to an IFRS expert that has “been-there-and-done-that” previously will be critical.
For entities that are subject to external audit, we would strongly recommend that you involve your Auditor in this process, to ensure that the Project Plan and the documentation to be produced will meet their expectations come audit time (as there is nothing worse than having done a significant amount of work, only to be told at the end that it is incorrect and/or incomplete for audit purposes).
CONTACT US about having BDO IFRS Advisory assist in the NZ IFRS Project Plan for your entity.