You realize that you need to begin planning for IFRS transition. What should you be doing to best prepare? Here are some best practices implemented by companies around the world:
- Start planning early.
- Assemble a cross-disciplinary team of key stakeholders.
- Involve audit, tax and treasury departments.
- Consider the changes you need to implement and prepare a timeline.
- Make sure your accounting system is flexible enough to handle GAAP and IFRS simultaneously during the transition and can accommodate future change.
- Conduct effective training and get all constituents on board to ensure a successful transition.
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By starting down the right path, you can be well on your way to a smooth transition to IFRS. Let us know about your experiences transitioning to IFRS. What best practices are you implementing? We’d love to hear from you.
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