Using IFRS to Drive Business Development
Opportunities for small and midsize firms.
by Jeffrey Deane and Stephen Heilman/Journal of Accountancy
Inside the growing footprint of IFRS lies something many small and midsize CPA firms may be overlooking — rich opportunities for business development.
IFRS-related work in the United States has largely been the domain of major accounting firms thus far. While national firms are filling many of the needs, there’s a large space that small and midsize firms can occupy given the right positioning, knowledge and resources.
To carve out an international niche, firms must be realistic about the challenges. Reaching critical mass as you grow your IFRS client base will take time. Building IFRS bench strength inside your firm will likewise take a commitment. The effort may mean an outflow of cash for the first couple of years. Yet for small and regional firms willing to put in the work, developing that kind of niche can ultimately drive profit.
This article has been excerpted from the Journal of Accountancy.
Read the full article here.