Event Calendar
Moving Down the IFRS Path
By Irene Wiecek, FCA
Accountants and auditors of public companies are gearing up for 2011 but do others need to know IFRS?
Do you? The impact of moving to IFRS will be greater than most people think. It will definitely
involve resources being invested but it may also affect access to capital, bonuses, information
needs and business relationships in general. Accounting information is central to most business
transactions and the move to IFRS will serve as a reminder of this centrality.
Different information will need to be captured by the company's information systems, requiring investments to be made in upgrading/changing these systems. Since the financial statements may change under IFRS, this means that key numbers may differ. This in turn may affect things such as debt covenants, employee bonuses, continuous listing requirements and other contractual and business arrangements.
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