Linamar Corporation
Building on the foundation of over 40 years of successful growth, Linamar is a leading edge supplier of engine, transmission, driveline, modules & systems and mobile aerial work platforms.
Challenge
IFRS was birthed from the intention to “develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards” (source). As more and more countries accepted and mandated the transition to IFRS, businesses had to migrate their reporting methods to the new standard within a specific timeframe — compliantly.
While Linamar began the transition to IFRS, they relied on three methods to find pertinent information:
- SEDAR
- Internet Searches
- Knotia
It was tedious for the company to search in multiple locations as an attempt to find a complete list of IFRS standards and examples.
Solution
Linamar partnered with insightsoftware to implement a disclosure research solution to provide their users with simplified access to IFRS and IAS standards. Quick accessibility through DisclosureNet equipped Linamar with the research and examples they needed to be IFRS compliant.
The Results
With DisclosureNet, Linamar gained an immediate advantage in their reporting with thousands of global, financial statements filed using IFRS at their fingertips.
Interpretations, basis for conclusions and thousands of real examples allowed Linamar to ensure IFRS compliance with an index of best practices readily available. As a result, Linamar produces IFRS compliant documents with minimal time and effort spent researching.
We needed a cost- effective way to provide access to IFRS/IAS to our accounting personnel. Certent DisclosureNet has been very useful for this, especially during the transition to IFRS.”