Financial reporting in the United States is being influenced by International Financial Reporting Standards (IFRS). IFRS reporting considerations are already impacting business decisions, and not simply through non-US subsidiaries. The SEC is considering measures that could lead to retiring US GAAP and adopting IFRS in the US. However, the effects of global reporting on US companies will accelerate over the next few years, regardless of how the SEC proceeds. Understanding IFRS and its business implications is a competitive imperative for US companies.
Conversion is much more than a technical accounting issue. IFRS may significantly affect any number of a company’s day-to-day operations and may even impact the reported profitability of the business itself. To help you understand the impact of IFRS, we have prepared a series of explanatory materials, which can be found on our publications page.
PwC has a proven track record in helping companies successfully understand and work with IFRS. With our extensive worldwide experience in all major industry sectors, we propose practical solutions to address challenges that companies face with IFRS. Our specialists bring technical accounting, process improvement, training, communications and change management experience to the project—reflecting the complexity of the task at hand. And while many of the issues are common across all businesses, some have a greater impact on certain sectors so we'll ensure our industry specialists are involved.
PwC has developed an IFRS transition methodology which provides a complex framework for an efficient and effective conversion, and has been applied to over 1,300 conversion projects. In addition to focusing on getting the numbers right and guiding companies through operational problems, this methodology also promotes effective knowledge transfer to ensure lasting benefits.
