As a financial professional you need to understand these concepts. IFRS certainly as far as US accounting professionals are concerned ought today to be attempting to grasp and understand these concepts. Process flow-mapping requiring process reengineering will need to be developed ASAP! Internal control methodologies will have to be revisited and whether under US Sox 404 or other national versions the trigger points will change and continually change. Corporate Sox 404 exemptions are today being considered by Congress, small Cap stocks or higher? But, as a professional do you manage by Congressional direction or by what makes fiduciary sense to control and manage the enterprise. How can a CFO not support full internal control methodologies regardless of a mandated compliance ruling! Exemptions ought to do no more than eliminate certain audit and other costs but the underlying IC structure remains solidly in place. All concepts of risk measurements, a constant WIP will need thorough documentation, detailing the corporate perspective on measuring risk and where within each entity those risks are higher or lower than the corporate guidelines or benchmarks.
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