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

Vital statistics, How vital statistics are affect on human life

How vital statistics are affect on human life

Oecd database exercise , For this second assignment you will have to use th...

For this second assignment you will have to use the OECD database to investigate possible changes in the policy preferences of Western welfare states. You have to develop (i) an in

Limitation of the financial accounting, Limitation of the Financial Account...

Limitation of the Financial Accounting. There much limitation can be considered in case of the Financial Accounting but here we are discussing the main two limitations  It re

Cost accounting, what are the objective and importance of cost accounting a...

what are the objective and importance of cost accounting and managerial decision making.

Tandard deviation of the sample of juveniles, The National Marine Fisheries...

The National Marine Fisheries Services is part of the National Oceanic and Atmospheric Administration. NMFS's programs support the conservation and management of living marine reso

Need help, PART 1 Shown below are the sales revenue and advertising cost da...

PART 1 Shown below are the sales revenue and advertising cost data for seven companies published by International Advertising Age. COMPANY ADVERTISING ($ MILLIONS) SALES ($ BILLION

IFRS 9, The company acquired 50000 8% preferencd shares (with a par value o...

The company acquired 50000 8% preferencd shares (with a par value of R4 each) in cross limited on 30 june 2006 for R180000.transaction costs at the acquisition date amounted to R12

What is Art collection , What is Art collection A personal perform of art...

What is Art collection A personal perform of art or number of products of unique graphics such as artwork, statues, craftwork or other elements generally determined as a perform

Price level change, how effect changes in prices to a financial statement?

how effect changes in prices to a financial statement?

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