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
CORRELATION & REGRESSION: 1)  What do you mean by the term correlation? 2)  Point out the differences between coefficient of correlation and regression. 3)  If the correl

This assignment counts for 40% of the total grade for the subject.  There are 100 marks for the assignment.  Including figures and tables, it should be no more than 10 pages. Yo

how to find Contribution Margin

what is the advantages of face-to-face interview?

Define Agency solutions Every condition agency, office, board, commission, department, condition organization, or condition organization of degree, which includes all condition u

I have a box that measures 3m x 3m x 3m. What is the volume of the cube?

Find a population data set that contains six entries, has a mean of 5, and has a standard deviation of 2


implications of quantum theory?

Marginal costing and Break-even analysis According to C.I.M.A. Manchester, "Marginal Price means the quantity at any given variety of result by which get worse scenario costs ar