Companies should begin to develop a thoughtful, measured, strategic and operational approach to the adoption of International Financial Reporting Standards (IFRS). Internally, IFRS will have a broad impact on a company’s infrastructure, including underlying processes, systems, controls, taxes, tax planning and valuations. Conversion to IFRS brings companies a one-time opportunity to comprehensively reassess financial reporting and take a “clean sheet of paper” approach to financial policies and procedures. Such an approach recognizes that major accounting and reporting changes have a ripple effect, impacting many aspects of a company’s organization.
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