To date, just a limited number of companies have decided to switch to IFRS, but “2012 may be remembered as the year when IFRS were adopted by U.S. private companies,” says a new article in Business Finance. Various factors will play into the management decision, critical among them the realization that the cost of the transition is “definitely not as expensive as it would be for a public company.”
Financial executives should manage any transition to IFRS as a project with “specific responsibilities, tasks and milestones,” the article recommends. In particular, “efforts made by the AICPA to incorporate IFRS to the CPA exam will lead to young professionals becoming more knowledgeable about these topics than was the case a few years ago.”
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