Insights for pharmaceutical and life science companies: Staying ahead of IFRS challenges

Insights for pharmaceutical and life science companies: Staying ahead of IFRS challenges
 
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Financial reporting by US companies will undergo unprecedented change over the next several years. International Financial Reporting Standards (IFRS) have already affected US-based Pharmaceutical and Life Sciences (PLS) companies. Soon, as key aspects of US generally accepted accounting principles (US GAAP) and IFRS converge, financial reporting for US companies will reflect many swift and significant changes carrying wide-ranging business implications.

These accounting changes will go well beyond financial reporting. Tax policy, research collaborations, mergers and acquisitions, financial planning, systems requirements, and compensation structures are among areas that will bear the impact. In this paper, we address these and other accounting and business challenges stemming from the move to IFRS and outline how PLS companies can begin dealing with them today.