Companies facing the coming of International Financial Reporting Standards (IFRS) can save reporting costs and have greater control if they set up a special in-house center that consolidates business processes from multiple units and locations, a consulting firm is advising.
That counsel comes in a report from Deloitte titled "The IFRS Center of Excellence," which discusses how companies can streamline and optimize their IFRS reporting activities by consolidating them into a "Center of Excellence."
A Center of Excellence (CoE), in Deloitte terminology, is a shared services organization (SSO), an in-house organization that consolidates business processes from multiple divisions, subsidiaries, or locations into one or several "shared" centers.
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