Company Background & Timeline - The Innovation Trail

Issues Central, Inc. (ICI) develops software solutions that combine specialized content and expertise with easy-to-use technology for CFOs and the finance departments of companies listed on global capital markets, as well as government organizations. ICI is a private corporation owned by management with offices in Canada and the United States. A brief timeline of company activities is as follows:

2011 – As of October 2011
ICI launches another industry first on September 30, 2011 with the announcement that IPSAS PARTNER will soon be available to help governments around the world to move from local government accounting standards (single-entry accounting in many cases) to the International Public Sector Accounting Standards (IPSAS). IPSAS PARTNER software combines IPSAS guidance, expertise, analytical tools, and more in conjunction with IPSAS capacity building and training workshops to streamline the changeover to the new standards.

In May 2011, ICI launches its West African subsidiary, IFRS PARTNER Limited, in Lagos, Nigeria to help build Africa’s ability to transition to IFRS and to enhance financial compliance. The same month ICI launches a group IFRS transition program for the Nigerian Insurance industry to move the industry from local accounting standards to IFRS in a matter of months. This program combines IFRS PARTNER software with group training workshops to accelerate the transition to IFRS while improving customer awareness as to IFRS and reducing overall transition costs.

In January 2011 ICI and Thomson Reuters announce the U.S. version of IFRS PARTNER now has the capability to integrate with Checkpoint to provide for comparison between U.S. GAAP and IFRS. This product further enhances ICI’s reputation as a leader in IFRS transition and accounting change management worldwide.

ICI builds on the IFRS PARTNER product to create a comprehensive financial and regulatory reporting system – the Financial Statements and Notes Manager. The IFRS version provides complete IFRS financial statement capabilities along with supporting disclosures and presentation references. The product streamlines the production process for quarterly and annual filings. U.S. market feedback, independent from IFRS transition concerns, drives ICI to implement a development platform to extend the financial reporting system capabilities to manage US GAAP financials and disclosures plus XBRL based filings.
ICI also consolidates its financial compliance products for U.S. and Canadian markets into a new brand, CFO PARTNER, to provide both GAAP and IFRS controls and testing capabilities for both SOX 404 and NI 52-109 filers – another market first.

In November 2010, ICI staff are invited to Nigeria to provide IFRS Executive Briefings in support of the Nigerian Federal Government’s legislation to begin moving the West African nation to IFRS beginning in 2012.

ICI concludes a licensing and royalty arrangement with the International Accounting Standards Board (IASB) to enhance the capabilities of IFRS PARTNER. Two new IFRS PARTNER product releases provide comprehensive draft IFRS policy development and impact assessment capabilities, plus the ability to create IFRS compliant financial statements. Market acceptance of the IFRS PARTNER product grows.

ICI launches the first software product, IFRS PARTNER, to facilitate the transition from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). IFRS PARTNER immediately creates a new category of software assistance tools and the standard for ease-of-use and affordability. The worldwide recession hits global markets in mid/late 2008. Demand for the IFRS PARTNER software product accelerates as organizations making the transition to IFRS cutback on expensive traditional consulting engagements.

ICI rapidly develops and launches two niche products to address the requirements of enhanced Executive Compensation Disclosure as well as Investment Fund Governance. Using the ICI product development approach, content development creation, and technology platforms, these products are launched into the market within four months from business case approval.

ICI is approached by a Canadian division of the Thomson Corporation (now Thomson Reuters) to provide a localized version of the COMPLIANCE PLAYBOOK® product to address new financial compliance requirements in Canada under National Instrument 52-109: Certification of Issuer’s Annual & Interim Filings. The new product COMPLIANCE PARTNER® for NI 52-109 is introduced in the fall of 2005 and rapidly becomes the market leader.

ICI introduces its COMPLIANCE PLAYBOOK® for SOX 404 to the U.S. market in the spring of 2003 and a business is born. The product combines libraries of customizable financial controls and testing content along with automatic flowcharting, process narratives and the ability to automatically create a compliance intranet without IT assistance. COMPLIANCE PLAYBOOK® immediately begins to help customers reduce the cost of financial compliance and associated documentation.

As a response to the crisis in investor confidence caused by the financial turmoil at Enron and Worldcom, the Sarbanes-Oxley Act of 2002 (SOX 404) is passed into law on July 31, 2002. On August 1, 2002, Catherine Connally, current President of Issues Central, Inc. (ICI), and Charley Best, Vice President of ICI, begin the development of a software product combining financial compliance expertise with comprehensive and easy-to-use procedural documentation and reporting technology.