Announcing a New Study of IFRS Readiness at U.S. Companies

A research study designed to assess the readiness of U.S. companies to move to International Financial Reporting Standards (IFRS) has been launched as part of a newly-formed alliance between The Hackett Group, Inc. (HCKT ) and the Institute of Management Accountants (IMA).

The study will evaluate a range of key issues around IFRS adoption, including: companies’ planned timelines for IFRS adoption; the expected impact on organization, processes, and technology; implementation practices, including expected investments; and plans for internal education. The study will launch this month and deliver results in June. It will be open to members of the IMA network, Hackett’s advisory programs, and the Hackett Performance Network.

"The SEC’s roadmap for U.S. public companies to transition to IFRS is still very much in flux. But there’s already tremendous concern about its potential impact, IFRS is very different from the rules-based GAAP system that U.S. companies currently use, and the transition will take significant planning and effort. By participating in this study, companies will be able to better understand the readiness issues, gain insight into what other companies are doing, and begin to develop an understanding of what the emerging best practices are. It should help them reduce the cost and confusion that will be associated with the transition."

Hackett Senior Business Advisor William Marchionni