* In looking at auditor tenure, the results indicate a U-shaped relationship. Firms that had recently hired new auditors, as well those whose auditors had been in place for a while, were likely to experience more mistakes.

* Finally, firms that made the transition to IFRS earlier (due to earlier fiscal year-ends) were more likely to experience errors.

* Errors were less likely among larger firms. Thus, while their accounting structures typically are more complicated, they also have access to expertise that smaller firms might not.

Finally, the researchers found that mistakes made during the transition to IFRS have a bottom line impact, as they led to increases in the bid/ask spread of the firms’ shares, as well as increases in audit fees in the period following the transition.

As U.S. companies and their CFOs look ahead to IFRS implementation, they can learn from the experiences of companies that already have made the shift, Weber notes. For starters, CFOs that made their way up the corporate ladder from outside the accounting function will want to look into additional training.