Transitioning from gaap to ifrs, accounting, Basic Statistics

Assignment Help:

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.


Related Discussions:- Transitioning from gaap to ifrs, accounting

Find out value of the probability, Q1 Choose the option that is closest to...

Q1 Choose the option that is closest to the exact value of the probability P (30 ≤ X  Q2 Choose the option that is closest to the approximate value of the probability P

Normal distribution, Lifts usually have signs indicating their maximum capa...

Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads “maximum capacity 1400kg or 20 persons”. Suppose that the weights of lift-users are

What is budget control, Definition of budget control as management of costs...

Definition of budget control as management of costs & expenses with examples. Budget control is the management of costs & expenses in accordance with an underlying budget.

Time series, what are the importances of time series

what are the importances of time series

Time series, what is meant by time series?

what is meant by time series?

Venn diagrams, how do i solve questions with venn diagrams

how do i solve questions with venn diagrams

Statement, prof. ya-lu-chan definitions statistices

prof. ya-lu-chan definitions statistices

Analysis and interpretation business report, Case Study. Using the data, pr...

Case Study. Using the data, prepare a report that analyses the profitability, liquidity and solvency of a Accessorize Pty Ltd and help the owner to decided whether to purchase the

Estimate the population mean flying time for the pilots, The mean number of...

The mean number of hours of flying time for pilots at Continental Airlines is 49 hours per month (The Wall Street Journal, February 25, 2003). Assume that this mean was based on ac

Ashland multicomm services, Given all the evidence that you have collected ...

Given all the evidence that you have collected from all your surveys of 50 prospective customers, answer the question will full explanation. How many free premium channels should

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd