Leisurely Approach to IFRS Conversion Ill-Advised


Athough mandatory IFRS adoption is not proposed to take effect until 2014 for large public companies and 2016 for all public companies, a Deloitte white paper suggests that companies in the tourism, hospitality and leisure (THL) industryshould start planning their conversion to international standards now to avoid major distractions from their primary business activities.

The report, IFRS in Tourism, Hospitality and Leisure: More Than Just Accounting, notes that THL companies often have operations and assets in several countries and face a variety of rules and regulations, tax jurisdictions, and finance and accounting concerns.

Some critical issues the conversion will raise for THL companies include accounting for property, plant and equipment; impairment of long-lived assets and indefinite-lived assets; customer loyalty programs; leases; and membership fees.

Source: Deloitte, www.deloitte.com.

 

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.