IFRS conversion, another Sarbanes-Oxley?

Just how onerous will conversion to IFRS be? A new survey by Accenture makes clear that the costs of IFRS conversion will vary widely. But the change will be more expensive for smaller companies. Companies with revenue between $1 billion and $4.9 billion say they would spend 0.731 percent of their revenue on the change, while companies with $50 billion plus in revenue spend only 0.103 percent. This strikes some as fairly costly, especially compared to European companies, suggests CFO.com.

For one thing, U.S. companies will have to report under both for a while. At the same time, perhaps with the Sarbanes-Oxley model also in mind, many CFOs see a huge opportunity to transform financial management, addressing risk, compliance and operational management. Many are planning significant investment around the transition, for which there is still no certain date. 

For more:
- here's the survey results 
- here's the CFO.com article

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