conversion process from gaap to ifrs, accounting, Basic Statistics

When do you think the conversion process should start?

Manager 1: The conversion process from GAAP to IFRS will be a big challenge. There are a lot of differences between the two standards and thus it is expected to take at least 2 years for the conversion process. It is thus very important to start planning for the change right away. 

Manager 2: With our firm having global operations, we would need to start making the change much before the other companies, which have operations only in the US.

Analysis:  There is no standard formula to say how much time and effort the entire conversion process will take. The extent of impact and the change would vary from company to company and sector to sector. The extent of change would also depend on the size of the organization. However, whatever industry or size of organization we are talking about, it is no doubt going to be very challenging. It is thus important for companies to start planning the transition early. Firstly the companies need to conduct a diagnostic review to understand the kind of impact IFRS will have on them. This would give them an understanding of the kind of the kind of changes that would be required and the amount of time these changes would take. 

 Expertsmind.com offers unique solutions in accounting.

Posted Date: 2/25/2012 8:18:09 AM | Location : United States







Related Discussions:- conversion process from gaap to ifrs, accounting, Assignment Help, Ask Question on conversion process from gaap to ifrs, accounting, Get Answer, Expert's Help, conversion process from gaap to ifrs, accounting Discussions

Write discussion on conversion process from gaap to ifrs, accounting
Your posts are moderated
Related Questions
How to write it with business implication of the analysis?

if the class intervals of data are equal. though it is ranges,do we have to use bar charts keeping a same space between bars or a histogram?

For this assignment, you will have to review each column and make a decision for how to adjust for the missing data. After you correct for missing data in each column, please des

normal distribution and the sampling distributions of sample proportions and sample means, but without confidence interval

explain time series analysis

The notes receivable were accepted from several customers. The notes were issued on Sept. 1,2011 and will be settled together with a 20% interest on May 31, 2011.

assume that your group is incorporating a business organization. you are required to present a detailed structure, business environment and organizational structure of the entity.

how to find 1st quartile from the graph of more than ogive type, please reply me with an example

note: Raw material costs 15 500 Direct Labor Costs: 14 750 Overhead costs 11 800 plant Finished Goods 37 500 Raw materials are charged into an order that is still in the process

Advanced Equipment leased equipment to Richards Chemical, Inc. on 9/30/11. Advanced purchased the machine from Makers, Inc. at a cost of $6M. The 5-yr lease agreement calls for R