Overview/Description Target Audience Prerequisites Expected Duration Lesson Objectives Course Number Overview/Description
Globalization has created a need for a single set of high-quality accounting standards for users of financial information worldwide. As they transition to IFRS standards, companies may face challenges if they underestimate a project's magnitude. For example, companies will have to assess how the new procedures will affect key employees' daily duties and provide the appropriate training for them. They'll have to ensure that their accounting and data management systems can provide the information necessary to be IFRS compliant. And they must determine the costs involved in switching to the new standards. IFRS 1 was created to set out procedures for first-time adopters of IFRS. However, each company has its own characteristics and must develop its own roadmap to help guide it through the operational adjustments. Organizations should also consider the HR implications of switching to IFRS, as they could face pitfalls if they fail to plan wisely, consult with experts, or assign responsibilities with care. These pitfalls include significant budget over-runs, costly errors, inefficiencies, and increased complexity in the reporting process. This course examines some of the challenges faced by companies during IFRS conversion and outlines processes that can be developed to help the transition go smoothly.
Target Audience
Executives, management, departmental leaders, professionals, and anyone who is interested in gaining background knowledge of International Financial Reporting Standards (IFRS)
Prerequisites
Proficiency with accounting standards (national GAAP), accounting process, and financial statements as used in an organization