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Directors urged to go "beyond compliance" in 2011

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10 Feb 2011

The need for directors to seize the opportunities in regulatory change, such as IFRS, has been highlighted as a key consideration for 2011.

A new publication, Directors' Alert: 11 Issues for 2011 – Ever-increasing demands, discusses boards' responsibilities around involvement in organisational strategy, and oversight and management of risk. Consistent with similar themes in an earlier story, in discussing regulatory change, the ever-growing reach of IFRS is identified as a key consideration and opportunity.

An extract:

...a growing number of jurisdictions are moving to International Financial Reporting Standards as standard setters such as the FASB and IASB seek to harmonize financial reporting around the globe. While compliance with these rules is obviously important, organizations will distinguish themselves by taking a "beyond compliance" approach and determine how regulatory changes can create competitive advantage. This is particularly important if changes have the potential to affect the organization's strategy, supplier relationships, customer expectations or other market behaviors that may affect the organization's growth or ability to attract investor capital.

Click for Directors' Alert: 11 Issues for 2011 – Ever-increasing demands (PDF 470k).

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