Among the major examples of such errors:

* Firms whose CFOs also are CPAs or Chartered Accountants were less likely to have an IFRS transition error. Conversely, firms with CFOs holding other degrees, such as MBAs or LLM (Master of Laws) were more likely to have IFRS adoption errors. Clearly, and perhaps not surprisingly, advanced accounting expertise helps minimize errors during the transition to IFRS.

* At the same time, firms with CFOs who have been in place for longer periods also experienced fewer errors.

* Firms that worked with one of the Big 4 audit firms (Deloitte, Ernst & Young, KPMG and PwC) were more likely to have IFRS transition errors. However, the authors note that these firms probably have more complicated accounting structures than firms that work with smaller accounting companies. That alone could lead to more mistakes.