Financial analysis and accounting software package

Tender description

Transport for London (TfL) is considering possible approaches to business processes, business change and the potential procurement of software to assist with compliance to the new International Financial Reporting Standards (IFRS) — IFRS 9 financial instruments, IFRS 15 revenue from contracts with customers and IFRS 16 leases. FRS 9 and IFRS 15 will be implemented from 1.4.2018. IFRS 16 will be implemented from 1.4.2019. TfL is seeking information through this Prior Information Notice (PIN). TfL would like to engage with potential suppliers to understand how the marketplace is responding to the challenges customers face with facilitating compliance with the new IFRSs. This will cover one-off and business as usual data collection, internal controls, and accurate calculations for budgeting, cash flow forecasting, decision-making and statutory reporting. This engagement will be via a Market Sounding Questionnaire that TfL has developed. Interested parties are requested to provide their contact details (name, company name, email address and telephone number) via email to: joshuasweeney@tfl.gov.uk by 17:00 Wednesday 25.10.2017. TfL will then issue the questionnaire where the deadline for response and further details will be provided. Information provided in the responses will be used to inform TfL's approach to the IFRS reporting standards. TfL may at its sole discretion enter into further discussions with respondents.