As an accountant, you will have encountered a huge amount of change over the past few years as businesses, financial institutions and countries look to learn lessons from the financial crisis. All parties are looking at ways to improve reporting standards and operate in a unified way that crosses borders and industries. The new president of the ICAEW, Mark Spofforth certainly has some interesting thoughts when examining the role of IFRS as a universal accounting language, suggesting that having a single language that translates across borders is of considerable use.
However, you should not stop at IFRS when looking to provide a single source of the truth for the business. If you are working in a larger firm keeping a single and unified record of work and data that allows the whole company to read from one source of information is equally important as universal reporting standards.
With this single source of data, you and your business are able to operate with a greater agility and track workloads, new business opportunities and profitability with ease and efficiency.