In a nutshell, the answer to this question is: all market participants. Obviously, CPAs, auditors, CFOs and accounting departments need to master these standards. In addition to this “core team” the list of people who will interact with IFRS is quite extensive, even if the level of their required expertise may be quite different.
Within the companies, besides the accounting and finance department, IFRS understanding and knowledge will be necessary for at least these departments:
- Internal Control : identification of any modifications required by the transition to IFRS, scoping methodology, use of new standards.
- Tax department : change in the starting point for tax position.
- Planning and Budgeting departments: research and analysis of competitors, strategic plans and initiative.
- Communication to investors.
- Human Resources: develop the training plan on IFRS.
Outside the companies (i.e. financial services), investors, lenders, financial analysts, rating agencies, audit committees, specialists (actuaries, valuation experts) will also need to understand IFRS.
The last, but not the least, population that needs an extensive training on IFRS is not on the market yet: students in accounting and finance fields, along with their professors and future CPAs.
