Swedbank's implementation process of IFRS
AbstractBackground: An increase in cross-border trade has created a need for a common international accounting language. IASB therefore created a single set of high quality international accounting standards. As of 2005 all companies listed on a regulated market within the EU are mandated to use IASB’s standard IFRSs.Problem: The process of implementing IFRS is different in different companies. We therefore want to look at the implementation process in Swedbank, the largest bank in Sweden.Purpose: The purpose of this study is to describe and explain how the process of the change to IFRSs was done within Swedbank and to outline the problems and obstacles that might have occurred when implementing these new standards.Method: We have done a case study by interviewing people in Swedbank that took part in the implementation process. We have also done an interview with Deloitte to get their views on a IFRSs implementation process.Analysis: Our analysis is based on our empirical findings in comparison with our theoretical framework. We found that Swedbank did most of the steps described in the theoretical framework regarding the implementation process; they prepared themselves well and choose the right resources to do so. The deviating step is that no evaluation was done afterwards.Conclusion: Swedbank used a project group to handle the implementation process. They identified the changes that had to be done and did the change to IFRS. The problems and obstacles that occurred were due to FVO and IAS 39.
School:Högskolan i Jönköping
Source Type:Master's Thesis
Keywords:ias 39 ifrs fair value option implementation process swedbank
Date of Publication:07/04/2007