Preparers’ accounting and finance department:
The implementation of IFRS will require accounting and finance department to handle two sets of standards during the transition phase: IFRS and Generally Accepted Accounting Principles (U.S. GAAP). The change from one set of standards to another is not similar to a change in accounting policy when a new standard is issued. Despite the convergence process between the two standards, training will be required.

The timeframe proposed for many countries like United States, Canada, Japan and India etc. is close enough to start the training process and provides sufficient time to develop a scalable and multi-year training approach.

The plan should include high-level comparisons between IFRS and U.S. GAAP, Canadian GAAP, Japanese GAAP, as well as Indian GAAP to progressively gain a deep understanding of individual standards and, as well important if not more, a good grasp of the thought-process to correctly apply IFRS.

Preparers’ other departments:
The impact of the change to IFRS is not limited to the accounting and finance departments and the proper training may make a difference at the time of the transition and going forward.

The main objectives of the training plan for departments other than accounting and finance are to understand the reasons for the adoption of the IFRS, the importance of the transition for the Company, the timeline of this adoption and the potential impacts on each department of the organization.

This awareness campaign should be conducted early in the process to dispel any misunderstanding with respect to this new set of standards.

Practitioners: CPA Profession:
Most of the CPA will be impacted by the transition to IFRS and undoubtedly it will create a need of training. Some of CPA firms have already started the training of their own professionals notably by using the materials and knowledge acquired during the transition to IFRS of other countries.

As an example, within our firm, we leveraged the experience gained by our teams in other offices abroad and developed a training course at the group level to be used locally, especially in the USA.

Other third parties: from investors to lenders:
The implementation of IFRS will have an impact on the way these people understand the financial performance and therefore in their investments or lending decisions.

Consulting anywhere in the world will have to begin from training, only then can people in the organization can implement convergence.

We have different convergence focused courses and other practical training programs that will be helpful for further processes.