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Magazine Article
How to adopt IFRS in five steps
2011
Overview
If you work for a public company, you're likely discussing the substantial changes associated with adopting or endorsing International Financial Reporting Standards (IFRS) and converging them with US GAAP. In February 2010, the SEC published a \"Work Plan\" related to IFRS adoption. In this document, the SEC committed its staff to analyze the impact on companies' accounting and related systems and procedures before deciding whether to adopt IFRS as the required accounting model for US public companies. The authors have identified five stages designed to achieve IFRS readiness across the organization: 1. initial assessment, 2. detailed analysis, 3. designing the change process, 4. managing the change process, and 5. implement and monitor. It would be advantageous for your organization to take the lead as soon as possible to develop an IFRS readiness plan. A good game plan can put your company on an even playing field initially, as well as in the later innings, when real implementation begins.
Publisher
Institute of Management Accountants
