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Impact Assessment

2009 is here bringing us a little closure to the ultimate adoption of IFRS. Large accelerated filers will have to present three years of comparable financial data in their first publicly reported IFRS 10-K at the end of 2014 (for calendar year companies). That means that companies will need to begin developing IFRS records in 2012 (including the restatement of the ending 2011 balance sheet). That leaves the next three years to begin making preparations.

What impact will IFRS have on your organization? 2009 would be a good year to identify the impacts and how they can be addressed. Now is the time to begin asking questions like these.

  1. How will US IFRS adoption impact your corporate strategies and initiatives?
  2. What are other companies in your industry doing?
  3. How will your reported financial results be impacted?
  4. In what ways will IFRS impact regulatory reporting?
  5. How will internal technology platforms be impacted?
  6. What should internal control structures look like under IFRS?
  7. What new policies and procedures will be needed?
  8. How will capital planning be affected?
  9. In what ways will access to capital be impacted?
  10. Who needs to be trained in IFRS and what should that training look like?
  11. How will XBRL compliance and utilization be affected?
  12. Do our financial agreements need to be amended?

These questions and others like them need to be asked and answered early while there is still time to methodically address the issues they raise. Impact Assessment studies need to be conducted this year. Are you ready for IFRS?

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