In 2004 the owners of Financial Reporting Specialists (FRS www.frsgroup.com.au) went in search of a tool that would assist in automating the financial reporting process. Despite a global search they were unable to find a tool that did everything they required, to the standard they demanded. They solved the problem by developing a tool that is now known as IFRS SYSTEM. Along the way they also established the ‘listening, evolving, solving’ ethos that continues to underpin every step of development.
While it may have started life as an ‘in-house’ tool IFRS SYSTEM has evolved into a world class product. In 2010 the first commercial version of IFRS SYSTEM Financial Reporting Software was released and this was soon followed with a cloud application. Today the IFRS SYSTEM is used by, or on behalf of, some of the largest and best known companies in the world. While everyone at IFRS SYSTEM is proud of our growth and excited about the future, we are also respectful of our roots and very pleased that we maintain a very strong and close relationship with FRS (our first client).
At IFRS SYSTEM we want to develop tools and resources that enhance the quality and standard of financial reporting and make the process of reporting easier and more efficient. We do this by engaging with people who are involved in the regulation, preparation or audit of financial reports so that we are able to develop practical solutions to real challenges. We believe that as long as we continue to listen, evolve and solve IFRS SYSTEM will remain ‘best in class’.