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Oftentimes, before a company can embed IFRS as its primary financial reporting standard, it must go through a dual-reporting period during which IFRS and US GAAP financial statements are reconciled. The ability to meet challenging multi-GAAP reporting requirements largely depends upon the magnitude of the IFRS and US GAAP differences, other GAAP and/or regulatory reporting requirements, the capabilities of the company's information systems and the agility of its processes. There are complex issues to address and critical decisions to be made, so the time to begin getting the jump on a smooth conversion to IFRS is now.
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