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Inside IFRS: The Opportunity for Energy IT

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Executive Summary

Conversion to International Financial Reporting Standards (IFRS) will likely be the largest single change of accounting policies and procedures ever undertaken by US companies. The move to IFRS may compel companies to make significant changes in business processes and supporting systems beyond the finance function. While the proposed timelines for IFRS adoption appear to be far away and not urgent, there are many reasons for energy companies to begin planning now.

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