>> Accounting Basics
Question :"General Ledger and Reporting Systems" Please respond to the following:
Your firm is planning to move to International Financial Reporting Standards (IFRS) reporting within the next fiscal year. Analyze the risks and rewards by moving to IFRS and the impact that technology will have on the change. Include the advantages and disadvantages of IRFS compared to the Generally Accepted Accounting Principles (GAAP). Provide specific examples to support your analysis.
Develop a proposal for migrating your firm to IFRS from GAAP. Discuss how you will educate your users in IFRS.
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According to www.irfs.com, International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. According to USA Today, the adoption of IFRS is inevitable and those who do not start to adopt these principles will fall behind. According to Christopher Cox of the SEC, the move would be "a revolutionary development that will streamline global reporting standards” (www.usatoday.com). The advantage to adopting IFRS is that we would be on the same standards as our foreign competitors. This would eliminate having to be in compliance with two set of standards and would make the financial reporting easier for companies (www.ifrs.com).