IFRS adoption to require risk planning and changes to internal controls

09/16/2009 | Journal of Accountancy

Based on the Securities and Exchange Commission's proposed road map for the adoption of International Financial Reporting Standards, U.S. companies would be required to perform U.S. GAAP/IFRS parallel accounting over a multiyear period. Companies can leverage the expertise of their Sarbanes-Oxley compliance staff to evaluate the effects of IFRS conversion on business processes and internal control over financial reporting.

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