Navigating the multi-GAAP reporting maze*

July 2008
  • Print-friendly version
Navigating the multi-GAAP reporting maze

At a glance

PwC advisory financial effectiveness publication outlining the importance of planning for the transition from US GAAP to IFRS, the dual-reporting requriements during which IFRS and US GAAP financial statements are reconciled, and multi-GAAP reporting solutions available from ERP systems.

Oftentimes, before a company can embed IFRS as its primary financial reporting standard, it must go through a dual-reporting period during which IFRS and US GAAP financial statements are reconciled.The ability to meet these challenging reporting requirements largely depends upon the magnitude of the IFRS and US GAAP differences, other GAAP and/or regulatory reporting requirements, the capabilities of the company's information systems and the agility of its processes.Companies will need to explore the multi-GAAP reporting solutions available from their ERP systems to choose the most appropriate one for their conversion efforts. This paper explains why it's critical to begin planning early for an IFRS conversion so you can understand how changing your financial reporting language will require changes in your processes, systems and organization.