Accounting Change to International Standard Looms Large for IT

Sausner, Rebecca
November 2008
Bank Technology News;Nov2008, Vol. 21 Issue 11, p14
Trade Publication
The article reports on the plan of the Securities & Exchange Commission (SEC) for the eventual retirement of Generally Accepted Accounting Principles (GAAP) in favor of International Reporting Standards in the U.S. This standard is a long-term plan that will take institutions years to sort out, and at larger banks necessitate changes to various systems. Moreover, financial institutions may find the transition particulary taxing because of various legacy applications used in house.


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