Fujitsu today announced the launch of a new consulting service solution to support companies that are considering bringing their businesses into line with the International Financial Reporting Standards (IFRS), which became optional in Japan starting in 2010.

Fujitsu’s IFRS Transition Support Consulting Services will pinpoint trouble-spots that may emerge in the accounting systems and business processes when companies make the transition to IFRS, and will support businesses in developing and applying solutions. Practical training will also be offered to help companies adapt to IFRS. These services will help clients quickly take the necessary steps to become comprehensively IFRS-compliant, including transitioning their ICT systems.

IFRS is a set of international accounting standards that Japan is considering adopting domestically. For companies currently employing Japan’s existing accounting standards, IFRS adoption has various ramifications for company management, bookkeeping, financial operations, and business processes. While it is difficult to foresee the extent of these ramifications, each company will face a unique set of issues it needs to address.

Fujitsu will be offering IFRS Transition Support Consulting Services to customers in order to help companies reduce the workload involved in the transition process.

In delivering these services, Fujitsu is drawing on its internal expertise, centered on the dedicated IFRS team established within its Marketing Unit in October 2009, and will continue to enhance the team by establishing its links to related departments and affiliated companies.

This training is designed to cover a broad spectrum of personnel, from company executives to staff in areas such as accounting, sales, and ICT. This training will result in a deeper understanding of IFRS from an accounting perspective and from a general-business perspective.

Fujitsu plans to gradually expand its services to offer a comprehensive solution for customers who deploy new ICT systems after deciding to transition to IFRS. Depending on the customer’s existing business systems, this will include designing, building, operating, and maintaining accounting solutions and mission-critical systems.