How will IFRS impact law firms and attorneys?
The transition to IFRS in the U.S. will have wide-reaching consequences for corporate clients, and the accounting and legal professions as well. Continued interaction between counsel and accountants at various stages of transition, implementation, and subsequent monitoring will be essential to ensure a successful outcome. This could be particularly critical given the pervasive impact across companies, including finance and accounting processes, controls, internal reporting, tax structures, treasury management, compensation arrangements, and contracting, among others. Several areas of your practice may be impacted as follows: • Corporate attorneys that serve management and boards should already be involved in IFRS discussions or plan on doing so in the near future. Strong documentation, policies, procedures, and protocols will be necessary to ensure consistent and uniform application of IFRS across organizations to reduce the risk of litigation based upon the application of principles,
