Did you see a high level list of the metrics that you need to capture and should avoid in an outsourcing engagement?
What will be the costs of implementation of IFRS?
One critical question that companies are brooding on is related to the costs of implementation for IFRS. The implementation with require a change and training efforts.
The costs would be determined largely by the size and nature of the respective company. While the initial cost to identify and quantify the differences between U.S. GAAP and IFRS, staff training and implementing IT support could be significant, the conversion also could result in an ultimate reduction of costs for capital and financial reporting related to operations. In its proposed roadmap to move all U.S. publicly traded companies to the global standards issued in November 2008, the Securities and Exchange Commission estimated that the largest U.S. registrants that adopt IFRS early would incur about $32 million per company in additional costs for their first IFRS-prepared annual reports, and that the average U.S. company would incur costs of between 0.125% to 0.13% of revenue.
Although this does look huge, but over a period of time, the benefits will surely outweigh the costs. ith a number of outsourcers preparing for the IFRS explosion, some good benefits in terms of costs can be expected by organizations for sure.