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International Financial Reporting Standards: Considerations For The Consumer Products Industry

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Executive Summary

By now you've likely heard the increasing warning signals about the inevitable movement toward International Financial Reporting Standards (IFRS) as a single set of globally accepted accounting standards. While this was intended to provide consistency in financial reporting standards and increased globalization of companies, it also has resulted in significant efforts outside of financial reporting, in areas such as information technology and human resources, and therefore, requires the attention of corporate executives and leaders throughout the organization. Additionally, it may also provide a strategic opportunity for positive organizational change for those who understand the benefits of a reasoned and deliberate conversion process.

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