While the United States has not yet set a date for mandatory conversion to International Financial Reporting Standards (IFRS), momentum is quickly shifting as more of the world moves toward adopting this common accounting standard. Should the US require its public companies to adopt IFRS, it will impact both Canadian companies operating in the US and global companies headquartered there.
IFRS adoption in the United States would be beneficial for a number of reasons. It would promote the global competitiveness of US companies, strengthen US capital markets, facilitate the management of US-based global companies, achieve significant cost savings and process efficiencies, and overcome the burdensome complexity of current US accounting and reporting guidelines.
How PwC can help
Our specialists are monitoring the situation in the United States and can advise your company how to proceed if you have cross-border issues surrounding IFRS conversion. Contact one of our professionals today to get answers to your questions around this subject.
