A client emailed me asking "What should IT be doing now about the possible (and apparently likely) change of US accounting standards from GAAP to IFRS?" Here's what I wrote back:
Too early to say how the SEC will come down on this and to what extent US adoption will require prior changes in IFSR. Accountants tell me that in many ways GAAP is better defined and more rigorous so it is very unlikely the US will adopt IFSR as is. Most global companies already deal with dual compliance requirements. Now is the time to assess the capabilities of current systems and determine exactly what your current architecture is so that changes when known can be done in the most cost- and time-effective manner. Also to find out the plans of current vendors are as far as upgrading the current capabilities of their products. One might even consider compiling a short list of possible suppliers who are already providing dual capability. The need to separate business rules and data from application software so they can be managed as the independent variables that they are is critical because that is where the most difficult and extensive changes typically occur in situations like this. Now is the time for ready. Aim and fire will come later.