New Global Accounting Standard Will Require IT Conversion

Tuesday Feb 9th 2010 by Staff

Publicly traded companies will soon be required to change the way they handle financial reporting, and that means big changes for IT as well.

Network World: The U.S. Securities and Exchange Commission has set the dates for publicly traded companies to convert from the U.S. Generally Accepted Accounting Principles (GAAP) reporting method to International Financial Reporting Standards (IFRS) as early as 2014. While that may seem a long way off, the complex conversion could take years of work by IT departments and business management.

"You have to be doing the planning right now and find out where there's going to be an impact," says professor Jane Fedorowicz.

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