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Preparing for IFRS: An Opportunity for Finance Transformation

via www.cpalinks.com

"Companies in the United States and around the world face the challenge of complying with International Financial Reporting Standards (IFRS) standards. But how are major companies across all industries coping with the new requirements?

In Accenture’s view, IFRS should be about more than just accounting standard compliance. This is an opportunity for companies to strengthen their distinctive capabilities. Companies that adopt IFRS to make improvements in key areas such as finance and supporting IT applications—in essence, investing in vital areas of the business during the current economic downturn—will be better positioned for competitive advantage and high performance than those that approach IFRS conversion simply as a compliance initiative..."
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In a recent survey of US companies commissioned by Accenture, four main findings were uncovered:

1. IFRS’s impact will be much larger and broader than anticipated.

2. IFRS provides companies with a significant opportunity to achieve broader transformational change and drive business benefits beyond compliance.

3. CFOs perceive the impacts and opportunities of IFRS differently from other constituents in finance and outside of finance.

4. IFRS’s impact on enterprise performance management capabilities will be significant.

Source: accenture.com