Does IFRS apply only to publicly traded companies that operate in and out of the United States?
IFRS applies to companies throughout the more than 100 countries that have already adopted IFRS. It can apply to both public and private companies. Which groups need to be involved in the planning and implementation of IFRS? All CFO/COO/CIO (chief financial officer, chief operating officer, chief information officer) organizations will need to be coordinated around IFRS. Depending on the differences you find in the assessment phase, you may also need to work with the sales and procurement organizations. In any case, IFRS conversion will require a large degree of coordination across the organization. Is it possible to adopt IFRS without pushing the changes back to your systems? Well, it is possible to adopt IFRS through spreadsheets and top-side journal entries, but we do not advise it. We saw a lot of this in the European companies that adopted IFRS, and it’s clear now that many are paying the price for it. One difference between the U.S. and Europe is the Sarbanes requirement. If you
Related Questions
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