Understanding the opportunities and challenges that could impact your business through the new IFRS accounting standards.
Whether you report under International Financial Reporting Standards (IFRS) or US GAAP, you are likely to be facing significant changes in reporting requirements as you assess the impact of new standards for revenue recognition, financial instruments and lease accounting. And these changes are not just impacting organizations reporting under IFRS and US GAAP – many national accounting standard setters are also aligning local standards to IFRS.
By responding to these changes strategically, there may also be an opportunity for companies to review IT, systems, processes and controls, and perhaps even a transformed operating model.
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Why you should prepare to ACT on enhancing your business
Beginning January 2018, the new revenue recognition standard took effect for calendar year-end public companies. This can mean adjusting policies, systems, processes and controls for reporting revenue – typically the most important metric in financial statements. And beginning January 2019, public companies will report virtually all leases on the balance sheet, a significant change from the current state. We see these new accounting standards as a chance for you to drive long-term value for your business through:
Let’s propel finance into the Transformative Age.
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