IFRS switch: Lessons from Sarbanes-Oxley

Sarbanes-Oxley taught us a lot of things, one of which was that the CFO needs to work hand-in-hand with the IT guys. You have to all be on the same page. If the IT guys don't buy in, it can really compound the compliance program. CFO.com suggests that CFOs revisit this lesson as the specter of international financial reporting standard looms. It is a reality, and CFOs will need to tweak their processes. Here are some initial questions: "How will running both IFRS and GAAP at the same time affect methods of updating general ledgers and charts of accounts? How should metrics and budgeting and forecasting applications be changed? Will differences in IFRS require new data entries? And how can they ensure that the data produced by the newly tweaked systems is clean?" There is massive amount of prep work that will have to be done. Good luck.

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

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