1.Executive Summary
The purpose of this paper is to provide some brief background about International Financial Reporting Standards (IFRS)and discuss the potential impact to an organization's financial systems when completing an IFRS conversion project.The information provided assumes the reader has some general background information about IFRS.The following information will be discussed throughout this paper:
·Background of IFRS and Information Technology(IT)impact when converting to IFRS
·Key differences between IFRS and
U.S.GAAP and the impact to financial/business reporting
·Implementation considerations
·Learning from the European experience