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Five Questions for an International Financial Reporting Standards Conversion

September 14, 2009
Related Topics: Finance/Taxes, Change Management, Workforce Planning, Featured Article
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A successful conversion to International Financial Reporting Standards begins with an understanding of where an organization lies in its overall readiness for the process. Here are five key questions that project sponsors should ask as they begin the process of conversion:

• Do my organization’s finance, accounting and corporate officers have access to IFRS information that will guide our assessment activities, conversion road map and overall IFRS strategy?

• Are my organization’s HR and rewards structures—including share-based payments, pensions and deferred compensation benefits accounting—designed to support IFRS conversion and reporting?

• Do I understand the impact of IFRS on key employees’ roles and responsibilities?

• Is my organization positioned with the right program management and governance structure to handle a multi-year IFRS assessment and conversion?

• Does my team or IFRS conversion advisor have the skills and resources to handle both the technical accounting and broader HR challenges of conversion?

The information contained in this article is intended to provide useful information on the topic covered but is not a substitute for professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Copyright © 2009 Deloitte Development LLC, All rights reserved.

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