No one anticipated how big it was going to be say Ken Wild , global International Financial Reporting Standards (IFRS) leader at Deloitte , speaking of the European switch to the new international accounting standards . Every company was too late and too slow in preparing - even the good ones Accounting used to be in the hands of only the bookkeepers and auditor . Not any more . The change in accounting rules has forced many Chief Executive Officers ( CEO ) to roll up their sleeves . Even when they have reached the first milestone of the changeover , the need to keep up to date with ongoing developments in IFRS in order to deal with the way their company's financial performance will be viewed from the outside
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