As an auditor who's been in the game for about 7 years now, I’ve seen how every new IFRS update or tax reform feels like stepping into uncharted territory. I feel like these changes shape not only our responsibilities but also the opportunities we can choose from. How have these shifts impacted your work? Or have they actually opened new doors for you?

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Made it more painful. I don’t deal with IFRS but this applies to any standards for industries. I feel like the people making the standards are tone deaf so to speak. Like they are having an accounting party and want everyone to be excited but a lot of the new standards nobody asked for and aren’t particularly helpful. Just involves a lot more work, confusion by everyone (until they get the grasp of it) and the cost benefit a lot of times is not there. I work a lot on governments and that is how I feel about GASB. Clients agree. 🤣 there are some standards that get set that are easy to implement and genuinely are helpful but I feel most of them are not.

Not IFRS, but ASC 842 was an unnecessary pain in the butt, which should have never been issued. Hard to pass the cost along to clients for the calculations when there is no value add, and it just bloats balance sheets. And on the tax side, how many different flavors of NOL carryover do we really need, lol?

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