Transitioning from gaap to ifrs, accounting, Basic Statistics

How important do you think knowledge transfer and training will be to help in transitioning from GAAP to IFRS?

Manager 1: Knowledge transfer is going to be extremely important in the entire transition from GAAP to IFRS. This is because IFRS brings along with it an entire transformational change for the organization. It is therefore very important for organizations to make their people understand the changes that IFRS would entitle the organization too. The employees must also be trained on how they would manage this change.

Manager 2: Knowledge transfer is definitely going to play an important role in helping the transition to be smooth. This will be true especially for the finance department which would need to be trained on every aspect of the IFRS. They would need to understand all the changes in the accounting standards. This training of the finance personnel is going to be extremely challenging! 

Analysis:  Knowledge transfer to the employees will impact the overall transition to IFRS for the companies. Knowledge transfer from external advisors and internal specialists to other employees would need to be continued till the conversion process is over. Training would also be needed for the internal staff to ensure that they have properly understood the IFRS guidance. Training would not only be required for the internal staff. It would also be important to train different stakeholders. The senior stakeholders might need awareness of the impact that IFRS will have on the company's business and financial results. However, for the finance department a much more detailed training would be required. 

 Expertsmind.com offers unique solutions in accounting.

Posted Date: 2/25/2012 8:20:16 AM | Location : United States







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

Write discussion on Transitioning from gaap to ifrs, accounting
Your posts are moderated
Related Questions
variable cost per unit remain constent why

From the following information related to XYZ Ltd.; you are required to find out (a) contribution (b) Break-even point in units (c) Margin of safety, (d) Profit Total Fixed Costs

time series use in indian economy

Can Hydrogen be liquefied at room temperature


Expertsmind.com  brings you unique solution in  physics What is Gain bandwidth product (GBW OR GB?)    Refer to the multiple of the open loop gain (continuous for a

method of measuring trend

Consider a person who repeatedly plays a game of chance (gambling)with two results possible (win or lose) with a probability p = 0, 3 to win. If the person has bet x amount and if

How will the adoption of IFRS change financial reporting by companies? Manager 1: The new rules will definitely change the way our organization prepares financial statements.

Miller (2008) examined the energy drink consumption of college undergraduates and found that males use energy drinks significantly more often than females. To further investigate t