IFRS Adoption- To Wait & Watch Or To Start
Companies having operations in multiple countries especially where IFRS adoption is planned in future are still contemplating whether to start IFRS implementation now or to wait and watch.
Companies should look into various factors such as degree of process automation in current business process, future expansion plans across geographies, change management need and unique business practices to decide on IFRS implementation. All such factors will determine complexity of IFRS implementation like low/medium/high and help companies to determine right strategy and timelines for IFRS implementation. To judge correctly on different factors, companies should try to do an impact assessment NOW. Based on the outcome, they can decide whether to proceed now or later.
