The report notes that the reception of IFRS in Europe (implemented in 2005) has been positive, with many stakeholders believing that IFRSs have led to improved quality in financial reporting when compared to other accounting frameworks. "The experience in Europe has provided practitioners with a mature perspective on taking a smart route through the transition period and the pitfalls on the way, conducting an efficient and effective transition, and securing long term financial reporting process efficiency." Click to
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Ten Lessons from European IFRS Conversion in the Real Estate Industry
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- Conversion can be conquered
- the European real estate experience versus other industry sectors
- Getting the strategic plan right is fundamental
- Define the big issues early
- An opportunity for consistency across the industry – and to deal with the valuation issue once and for all
- Engage the right people
- The importance of communication
- Keep up-to-date with open matters and developments
- Look out for common pitfalls
- Make use of resources
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This page on IAS Plus has links to
Many Other Publications about First-time Adoption of IFRSs.