Premium
IT: What's the impact of IFRS?
Author(s) -
Burnett Royce D.,
Friedman Mark,
Murthy Uday
Publication year - 2010
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.20606
Subject(s) - accounting , international financial reporting standards , business , process (computing) , plan (archaeology) , computer science , archaeology , history , operating system
Everyone is anticipating the adoption of International Financial Reporting Standards (IFRSs) in the United States. But companies are slowly beginning to realize that conversion to IFRSs will require some complicated, far‐reaching changes for firms' information technology (IT) systems. In fact, this may be more costly and disruptive than Y2K and the Sarbanes‐Oxley Act combined! Senior managers will need a solid understanding of IFRSs and a workable plan to deal with the conversion process for IT. This article provides guidance for both those challenges. © 2010 Wiley Periodicals, Inc.