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Steps to be taken by US Companies to get IFRS Ready


Understand the change - CEOs and CFOs of companies should know about the impact of IFRS on the entity as the change affects not just financial statements but also other regulatory, legal or operational obligations that rely on financial reporting.


Perform an Initial assessment - Hire IFRS advisors to do a detailed and in depth assessment on the current process and practices.


Impact on foreign subsidiaries - Consider how new adoption of standards will influence business across international boundaries. There might be a need to re-visit long term strategies, international taxation, financing and other processes.


Corporate GRC (Governance, Reporting and Compliances- Starting early is the key to avoid huge costs later.


Solid planning - Companies need to consider the short term and long term effect of conversion and prepare a timeline to effectively integrate them into existing processes.

 
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