Thursday, November 20, 2008

Wrinkles in the IFRS Roadmap - Accounting -

The move to IFRS in Canada and the US will pose significant systems issues. IFRS involves maintaining different values for some assets,and will require systems changes to generate and carry those values. In many cases, companies also will have to maintain their traditional GAAP records as well, and several companies will be keeping "two sets of books" for some time into the future. For IT Auditors, this poses several issues they will need to deal with. Which set of records will they audit? Are their controls consistent and reliable? Do the IFRS systems contain the data that will be needed to support the kind of judgements that need to be made under the IFRS standards? These are just a few of the issues. Wrinkles in the IFRS Roadmap - Accounting -

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