Seven steps to IFRS heaven

From Times Online, UK

September 05, 2004

Seven steps to IFRS heaven

1 Assess the business impact (at least a primary assessment)

2 Decide on the accounting policies you are going to adopt

3 Identify missing data

4 Enhance systems to collect data

5 Put processes in place to ensure data collected is robust

6 Design internal controls to demonstrate reliability of data

7 Finally, embed IFRS and use it for internal managedment reporting