We've noted that the conversion from GAAP to IFRS is, in many ways, a consultancy's dream. We're seeing lots of marketing activity underway, but at the same time, this is a more than legitimate area of concern. And you can't assume transition will happen by itself.

Now is the time to work out the issues. A senior manager for Ernst & Young offers a nice blueprint of sorts in the Journal of Accountancy. It touches on the hazards of parallel reporting, the need for continuous monitoring and testing, and the benefits of including your internal audit and control staff early in the process. 

If you have not started your transition, now would be a good time to begin your efforts. It seems like a long way from now, but it will be a long, complex task.

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