The Benefits Of Conformity

As communications companies across Asia Pacific continue down the path of transition to International Financial Reporting Standards (IFRS), they face the same wide array of opportunities and challenges as other operators. On the plus side, they can learn from the prior experience of their counterparts elsewhere that have already made the transition. On the downside, they must cope with a regional environment where the move to IFRS and the convergence of standards are progressing at varying speeds, and where interpretation and application continue to differ from market to market. However, Asia-Pacific operators that determine to go beyond mere compliance, and that succeed in using their IFRS transition as an opportunity for transforming their financial reporting processes, controls, and governance, stand to reap substantial benefits in both the competitive environment and capital markets.