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

A sample of 40 golfers showed that their average on a particular course was 94 with a standard deviation of 6. a. Find the 95% confidence interval of the mean score for all golf


Hi I have done my report based on SPSS data but need a help for deeper analyzing and correcting this what I have already done. Would you be able to help me and if so how much would

characteristics of statistics and any two application of statistics


Tension: When a sequence, place, cable or a man is presented tight, the ends of the sequence or place (or wire) pull on whatever systems are connected to them towards the sequence.

03 (a) Explain the term capital rationing and suggest the criteria to be used in ranking projects under capital rationing. (05) (b) There are three projects X Y and Z having follow

When are expenses credited? While common journal cost records are typically debited and have debit account balances, there are times when the cost records are acknowledged.

Choose a variable and collect data consisting of at least 30 values. Before collecting the data, decide what a likely average might be, then complete the following: a. Write a b