TransitionIFRS

While there continues to be uncertainty around the timeframe for the move to IFRS in the US, we believe the ultimate adoption of IFRS in this country is inevitable. Even though no exact conversion date has been set, IFRS is affecting the majority of organizations in the short term. In light of upcoming unprecedented levels of accounting changes stemming from joint convergence projects between the FASB and the IASB and ongoing global adoption of IFRS, it’s vital that US companies gain an understanding of the differences between US GAAP and IFRS, and how the converging standards and adoption by non-US subsidiaries may impact their people, processes and technology.

Given this environment, we believe companies should approach IFRS in a thoughtful, measured and strategic manner by performing a preliminary study of the impact of IFRS on their organizations. We can help you:

• Understand the high level accounting differences between US GAAP and IFRS and develop a high –level assessment of the impact of IFRS on your company’s financial position and performance
• Understand the key issues that will need to be addressed or managed in the conversion process, including high-level implications for financial, tax and operational processes, controls and systems as a result of the accounting differences
• Identify synergies with other projects, for example how IFRS should be considered in a finance transformation initiative
• Identify the IFRS impact on technology early so changes can be integrated into your IT roadmap
• Understand what changes you will need to make to your ERP and other financial and operational systems to capture the fundamental accounting changes of the IFRS transition
• Identify how you can take advantage of the changing global IFRS standards to align subsidiaries and leverage common standards across multiple countries

Want to know more? Visit our US IFRS home page.

Give us a call or send an email to Terri McClements.