To meet evolving regulatory mandates, companies around the world are adopting International Financial Reporting Standards (IFRS), a set of methodologies and disclosure requirements for the preparation and presentation of financial statements. Yet making the transition to IFRS is not just a rote accounting exercise. Embracing these standards affects the entire company and requires the support of personnel throughout the enterprise. What's more, adopting IFRS requires careful planning and thoughtful execution to overcome the many inherent challenges of such an extensive and significant change.