Few companies claim significant benefit from external

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Unformatted text preview: t audiences and the nature of the content is key to successful training. The following are some useful knowledge transfer pointers. Training tends to be more successful when tailored to the specific needs of the company. Few companies claim significant benefit from external nontailored training courses. Geographically disparate companies are considering web-based training as a cost- and time-efficient method of disseminating knowledge. More complex areas such as revenue recognition or accounting for exploration expenditure tend to be best conveyed through `workshop' training approaches in which company-specific issues can be tackled. Many companies manage their training through a series of site visits; typically partnerships of one member of the core central team along with a second technical expert, often an external advisor. Some companies use training as an opportunity to share their data collection process for group reporting at the same time. Even with the best planning and training possible, it is critical that an appropriate support structure is in place so that the business units implement the desired conversion plans properly. IFRS knowledge only really becomes embedded in the business when the stakeholders have the opportunity to actually prepare and work with real data on an IFRS basis. We recommend building dry runs into the conversion process at key milestones to test the level of understanding among finance staff. 2011 KPMG International Cooperative ("KPMG International"). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2011 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved. 30 Impact of IFRS: Oil and Gas Business and reporting One of the challenges of IFRS convergence stems from the number of stakeholders that have a vested interest in the financial performance of the company. Your project will have to deal with a large number of internal and external stakeholders so as to manage one fundamental issue the operational performance stays the same but the `scoreboard' of the finan...
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This note was uploaded on 12/03/2012 for the course ACCOUNTING 102-1132 taught by Professor Accountinggroup during the Fall '11 term at Al-Quds University.

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