The conversion from GAAP to IFRS will be of great impact to different sectors and parts of the economy

The conversion from GAAP to IFRS will be of great impact to different sectors and parts of the economy

The conversion from GAAP to IFRS will be of great impact to different sectors and parts of
the economy. For instance, software used for accounting purposes as well as training will be
heavily impacted. On this note, application of different methods of accounting may lead to
achievement of varying financial results and may even lead to an increase in the tax liabilities.
Analyzing financial statements, with the introduction of IFRS, may require great attention. In

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