International Financial Reporting Standards (IFRS) have been adopted by more than 120 countries, including the European Union, Canada, and other major U.S. trading partners — and all signs suggest that the U.S. will adopt IFRS in the near future. Internal auditors’ holistic organizational view places them in a unique position to positively influence the conversion process.

• An overview of IFRS and offers best practices for a successful transition.
• Survey results and six in-depth case studies of Canadian and U.S. corporations at various stages of conversion.
• A basic strategy for IFRS implementation from Canada and Europe.
• Detailed recommendations for how internal audit may provide strategic and cost advantages in any future implementation projects in the U.S.

The guidance in this book is invaluable for internal auditors who seek to advocate for their role in IFRS implementation and are looking for guidance in developing a successful strategy. It will also be of value to managers who recognize the benefit of including internal audit in the IFRS process.

Also available in Print.