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2 months ago
At a minimum, a switch to IFRS from GAAP will affect companies' accounting information system by

• requiring companies to increase the processing power of their existing accounting information systems.

• requiring IT departments to hire programmers that are fluent in languages besides English.

• requiring the creation of additional fields in research and development (R&D) records to capture information about the stage of research and development that costs are incurred in.

• requiring firms to completely redesign their existing accounting information systems because current systems are not compatible with IFRS accounting principles.
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Accounting Information Systems
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requiring the creation of additional fields in research and development (R&D) records to capture information about the stage of research and development that costs are incurred in.
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