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What Should Your Company Be Doing Now to Prepare for IFRS?

Financial Executives International TV

McGladrey and Pullen
Bob Dohrer, Partner and Practice Leader

Runtime: 10:48

Dohrer is a McGladrey and Pullen partner and practice leader for International Assurance Services.

Key Takeaways:

  1. To ensure a smooth conversion from GAAP to International Financial Reporting Standards (IFRS), start preparing now.
  2. Determine the impact of IFRS on your business. Changes in financial statement metrics may affect things like incentive compensation and employee benefit plans. These changes must be communicated to stakeholders early.
  3. Conduct an IFRS Skills and Needs Assessment to determine your company's level of internal knowledge and skills. Fill gaps with training.
  4. Assess management information systems needed to support IFRS. At a minimum, systems will have to be modified to deliver the right data.
  5. Ask your auditor what it is doing to prepare its people and tools for IFRS.

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