Transition to IFRS
Recently there has been much discussion of International Financial Reporting Standards and increasing acceptance of the concept.
Adoption of IFRS has potential advantages for the capital markets, and it can help Companies simplify and standardize their reporting. But it does involve some significant changes, and the transition needs to be managed carefully in order to mitigate fraud and litigation risks.

 

First time adoption of IFRS
Adopting International Financial Reporting Standards (IFRS) presents challenges that many people underestimate.
At Control-A Consulting we believe ultimate conversion will follow convergence. Preparedness is essential. Companies should take a few key steps now.If you take only one action after reading this document, we suggest it be this: Develop an IFRS implementation roadmap.

 

Current Position and next footstep
On February 24, 2010, the SEC held an open meeting and unanimously agreed to publish a statement of continued support for a single set of high quality global accounting standards and acknowledged that IFRS is best positioned to serve in that role.

Awareness and preparedness are essential. Given the time line, companies should be thoughtful and measured in their approach as they consider this complex challenge. This challenge can be addressed through simple, cost effective and efficient training sessions/modules. Control-A Consulting is happy to discuss your specific training requirements, and will work with you to help identify your optimal training solution.