What is the timeline for IFRS conversion, what resources will be required and how much will it cost?
The key is to start as soon as possible. An upfront impact assessment exercise will help management determine which areas of the business will be impacted. The next stage involves careful planning to validate and quantify the scope of issues identified and to make assessments about how issues may be addressed. Only after this planning phase is complete will management be able to make assessments about the overall project timetable, what resources will be required and how much the project is likely to cost.
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