The CFO's of many of the country's leading companies have decided to put a hold on giving their resources to the implementation of IFRS (International Financial Reporting Standards). They have not been given a definite effective date by the Securities and Exchange Commission so they do not feel that it is a priority.
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One reason they are so hesitant is because they are not exactly sure what the final outcome will be. The changes that are being made are due to the SEC combining two very important documents. The US GAAP and the current IFRS will be combined. Each document will remain intact under their name but they will, in essence, contain the same guidelines for accounting and financial decision-making.
There are operations globally that already have trained accounts with full knowledge of IFRS. The problem lies mostly with United States based companies. They have aligned their accounting practices with those detailed in the US GAAP. Their accountants and financial advisors are not familiar with the details of the IFRS and may struggle making the final alterations once the date is revealed that full compliance must take place.
While the companies that are based in the United States may not have as much knowledge or any knowledge of the IFRS procedures, they do have the benefit of knowing completely about the US GAAP. This gives them an advantage over a foreign company that is operating solely under the IFRS guidelines. While each of the scenarios has an advantage, they both also have a downfall.
While one company has valuable knowledge about IFRS already and the other has valuable knowledge about US GAAP, they both will have to incorporate changes into their current policies and procedures once the documents are combined. While the final outcome may be more like one than the other, which way it will sway is not for sure.
This is why CFO's are not willing to begin training on one or the other. They want to spend their valuable hours of training and making changes in a way that is necessary. Until they know the final outcome, they could spend hours training people and changing policies and procedures only to have to retrain and make further alterations to practices and procedures. It is better, in their opinion to train once and upgrade once so that extra hours are not wasted.
Accounting employment is going to require the knowledge and ability to work within the guidelines set forth by the SEC. If someone is just entering the search for accounting careers, having the knowledge of both the IFRS and the US GAAP can put them to the top of the hiring pool. This could require additional studying but it could definitely pay off as they search for accounting jobs.
When the SEC finally does release the changes and decides if it will be mandatory to apply by these new documents, accounting careers will be taken in a new direction. Anyone who currently fills accounting jobs will have to really step up and learn the system. Changes to current practices will be made in all accounting jobs. When it is announced that it is a go, CFO's everywhere will be looking for ways to get it done.
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