Tuesday, November 17, 2009

IFRS - Best Practices

Standardization is a key to optimizing business processes. US Companies will convert to IFRS (International Financial Reporting Standards) in the near term which will lead to efficiencies and cost savings. With financials under the same principles, credit and capital markets will be accessible across the globe.
I recently read the linked blog and found this to be a great source of information on the conversion and benefits of financial reporting to IFRS. The main points are the following:
  • Tone at the Top
  • Understand your conversion timeline
  • Identify the areas that will be affected
  • Be effective with training
  • Communication
  • Cost of raising capital reduced

Brett Vanderwater, MBA, CIA, CMA, CTP

Read more by Jeff Henson

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