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

Standard deviation, how do i calculate standard deviation for a frequency d...

how do i calculate standard deviation for a frequency distribution

How audit works , A methodical selection of the adequate, qualified evident...

A methodical selection of the adequate, qualified evidential issue needed to verify the equity of management''s claims in the fiscal reports or to assess whether management has wis

Arithmetic mean, How do I find the mean when the question is in a table for...

How do I find the mean when the question is in a table format?2 rows with 8 columns, Do I name them X and Y then do them?

Compute the test statistic, Choose a variable and collect data consisting o...

Choose a variable and collect data consisting of at least 30 values. Before collecting the data, decide what a likely average might be, then complete the following: a. Write a b

Calculate bonferroni confidence intervals, The "recoverytime" files record ...

The "recoverytime" files record the time (in days) for male blue-collar workers to recover from a common wrist fracture. Each man was given a questionnaire to complete to determine

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

Parametric and non-parametric stats tests, What is the difference between p...

What is the difference between parametric and non-parametric stats tests? Different kinds or levels of data need to be analysed using different kinds of stats tests. The basic dist

How will the adoption of ifrs change financial reporting, How will the adop...

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.

Earliest due date, Q1.(i)   A manufacturing firm has previously sequenced i...

Q1.(i)   A manufacturing firm has previously sequenced its jobs using the "Shortest Operation Time" (SOT) rule.  This has resulted in poor delivery performance with many jobs being

Compute the value of beta - simple linear regression , Simple Linear Regres...

Simple Linear Regression One measure of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over

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