The Impact of International Financial Reporting Standards to European Companies

2.1. Managing Change
a. Training
The first challenge in organisations is to ensure the staff has the knowledge to guarantee a smooth switch to international financial reporting standards and after the implementation they can do their jobs under the new system - both at head-office level and at local operating units.
The use of flexible resources with knowledge in IFRS and the investment in training are two solutions adopted by most of the companies. The Big Four firms are playing a very important role, helping companies in this transition period by elaborating plans, building processes and training staff.
The training demand is wider than purely from finance functions, as several of roles are affected by the new IFRS: the board members, credit and equity analysts, M&A teams, traders who buy and sell derivatives, tax and regulatory teams are just a few examples.
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