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IFRS Failure Will Cost Organizations Unnecessary Time and Money

October 26, 2012

SEC Chairman Mary Schapiro has indicated that she does not feel pressure to rush into a decision about IFRS—she only feels pressure to "do the right thing for U.S. markets and U.S. investors."[1] As the nation faces multiple economic and political hurdles, the decision to adopt IFRS (and the date for which this would be mandated) has not been confirmed.

Yet any successful company can tell you that their smartest decisions do not tend to be those of a reactive nature. When it comes to stock price, shareholder value, and the bottom line, the best businesses are anticipating change and taking proactive measures to ensure their processes are not only scalable but are also those that position the company for success.

Gartner research shows that 75 percent of organizations have delayed action in addressing IFRS requirements, which risks a failure to meet deadlines.

Gartner research shows that 75 percent of publicly held firms risk IFRS failure by not scoping its impact on accounting and system processes.

Failure is not just a slap on the wrist from worldwide regulators. In addition to regulator penalties, documents that call for enhancement on account of IFRS failure will cost organizations unnecessary time and money.

Learn how anticipating the impact of IFRS convergence or adoption will help your business optimize costs, mitigate risk, and appeal to global investors.

What You'll Learn:

  • The significance of taking proactive measures to anticipate the IFRS transition, regardless of the ambiguity around the SEC's compliance deadline
  • Featured Gartner research pertaining to the importance of CFOs focusing on IFRS and XBRL
  • Solutions your company should identify as a necessity to ensuring a smooth IFRS transition

[1] Cohn, Michael. "SEC Resists Pressure on IFRS Decision." Accounting Today, February 27, 2012. http://www.accountingtoday.com/debits_credits/SEC-Resists-Pressure-IFRS-Decision-61833-1.html