Discuss the impact of adopting new accounting standards on financial statements. Explain the process of transitioning to new standards, including impact assessment, implementation strategies, and the role of auditors in ensuring compliance.

Adopting new accounting standards can significantly affect financial reporting and organizational practices. Describe the process of transitioning to new standards, including assessing the impact on existing financial statements, updating accounting policies, and implementing new procedures. Explain the implementation strategies, such as training staff and modifying reporting systems. Discuss the role of auditors in reviewing and verifying compliance with new standards, ensuring accurate application, and providing assurance on the reliability of financial statements.