The expected shift, in the US, to IFRS raises questions around maintaining a consistent interpretation of IFRS principals. With US GAAP (minus FAS 157) there are rules, provided by the FASB, to guide a practitioner. With IFRS, there are only principals and a practitioner can come up with various interpretations. The burden of maintaining a consistent interpretation, avoiding litigation risk, seems to have moved to the accounting firm that now needs to help practitioners avoid coming up with contradicting interpretations in very similar circumstances. As a result, an accounting firm may want to implement a solution to support connecting the IFRS principals to the firm's interpretations and to experts who can help a practitioner arrive at an accurate interpretations considering the lack of guiding rules. I have recently come across a great article in this area - Accounting: a Narrative Art?

In the solution video below (2:30 minutes) you can see how a firm can implement a Knowledge Management solution to support maintaining a consistent interpretation and mitigating the new burden

 IFRS Solution - maintain a consistent interpretation of IFRS prinipals

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