Practical Implications of a Transition to IFRS Joel O snoss. Bogota Colombia. August 31, 2011. Background Benefits and challenges Best practices Some high-level advice Final thoughts. Agenda. Background. Background: Status of IFRS Usage. IFRS is widely spread across the globe.
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Practical Implications of a Transition to IFRSJoel Osnoss
August 31, 2011
IFRS is widely spread across the globe
Benefits and challenges can be considered from the following different perspectives:
Technical accounting and financial reporting
Process and statutory reporting
Alignment with other initiatives and training for appropriate personnel
Rationalization and standardization of statutory reporting
Prepare for Macro-implications
Implement a Judgment Framework
Areas Most Subject to Judgment:
Prepare for new IFRSs
Monitor Continuing Developments
IFRS is Going to Be the Universal Accounting Language