Switching to International Financial Reporting Standards could prove to be a costly move for many companies’ IT departments, according to a new report by Ernst & Young.
The report, “Inside IFRS: The Opportunity for IT,” describes the unexpected complexity of converting to IFRS and the high expenses the change can entail. “IFRS conversion requires fundamental change on multiple levels, can take up to several years, and affects virtually every function within an organization,” said the report. It cites a survey by the Institute of Chartered Accountants in England and Wales, in which 75 percent of the respondents reported increased complexity around information technology issues.
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http://www.webcpa.com/news/IFRS-Conversion-Puts-Demand-Technology-51203-1.html
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