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
The descriptive statistics outputs for both the variables are as below: Wii Group Mean 95.8 Standard

a) What is analysis of variance? What are the assumptions of this technique? b) Three samples below have been obtained from normal populations with equal variances. Test the hypoth

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.

1. Cross BBGG X bbgg. Assume B and G are linked together on an autosome. Show F2 and give expected results. 2. Cross BBGG x bbgg. Assume B and G are not linked. Show F2 an

1. A researcher is comparing two middle school 7th grade classes. One class at one school has participated in an arts program (involving putting on a musical play) which emphasized

I would just like the formula to find the y-axis of a centroid.

A company determines that the profit (P) in Pula and the advertising expenditure (e) in Pula have a linear relationship. a) Find an equation of linear relationship

An audit of the accounting records of Loch Ness Ltd. for the year ending 30 June 2012 discovered that the ending inventory balance was over-valued by $35,000. Upon further investig

how to make assignment maintenance cost control

Interpretation or Analysis of Financial Statements. Financial report research (or financial analysis) the procedure of comprehension the possibility and earnings of an organizat